Nordea Investment Management AB Sells 48,932 Shares of Elevance Health, Inc. (NYSE:ELV)

Nordea Investment Management AB trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 4.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,183,306 shares of the company’s stock after selling 48,932 shares during the quarter. Nordea Investment Management AB’s holdings in Elevance Health were worth $438,983,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in ELV. Principal Financial Group Inc. boosted its stake in shares of Elevance Health by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 272,649 shares of the company’s stock worth $141,777,000 after buying an additional 11,646 shares during the last quarter. Brass Tax Wealth Management Inc. increased its holdings in shares of Elevance Health by 44.1% during the 3rd quarter. Brass Tax Wealth Management Inc. now owns 640 shares of the company’s stock worth $333,000 after acquiring an additional 196 shares during the last quarter. DGS Capital Management LLC lifted its holdings in Elevance Health by 2.6% during the 3rd quarter. DGS Capital Management LLC now owns 2,316 shares of the company’s stock valued at $1,204,000 after purchasing an additional 58 shares during the last quarter. Oddo BHF Asset Management Sas bought a new position in Elevance Health during the third quarter worth $10,883,000. Finally, Franklin Resources Inc. increased its holdings in shares of Elevance Health by 16.1% in the third quarter. Franklin Resources Inc. now owns 1,212,839 shares of the company’s stock valued at $617,359,000 after purchasing an additional 168,220 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $371.56 on Monday. The firm has a 50 day moving average of $394.43 and a 200-day moving average of $476.77. The company has a market cap of $86.17 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the prior year, the company posted $8.99 EPS. Elevance Health’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Thursday, December 5th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.75%. The ex-dividend date was Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Insider Activity at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.35% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ELV has been the topic of a number of analyst reports. UBS Group reduced their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Barclays dropped their target price on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. StockNews.com cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Truist Financial restated a “buy” rating and issued a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.