Hsbc Holdings PLC Cuts Holdings in Elevance Health, Inc. $ELV

Hsbc Holdings PLC cut its position in shares of Elevance Health, Inc. (NYSE:ELV) by 10.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 681,454 shares of the company’s stock after selling 79,350 shares during the quarter. Hsbc Holdings PLC owned approximately 0.30% of Elevance Health worth $296,036,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ELV. CWA Asset Management Group LLC purchased a new position in Elevance Health in the first quarter valued at about $299,000. GAMMA Investing LLC raised its position in shares of Elevance Health by 88.1% in the first quarter. GAMMA Investing LLC now owns 3,390 shares of the company’s stock valued at $1,475,000 after purchasing an additional 1,588 shares during the period. Ritholtz Wealth Management raised its position in shares of Elevance Health by 185.7% in the first quarter. Ritholtz Wealth Management now owns 3,083 shares of the company’s stock valued at $1,341,000 after purchasing an additional 2,004 shares during the period. Sequoia Financial Advisors LLC raised its position in shares of Elevance Health by 15.7% in the first quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company’s stock valued at $2,922,000 after purchasing an additional 913 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Elevance Health by 36.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company’s stock valued at $11,991,000 after purchasing an additional 7,410 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Gail Boudreaux acquired 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, the chief executive officer owned 151,020 shares of the company’s stock, valued at $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ELV shares. JPMorgan Chase & Co. lowered their price target on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 22nd. Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, July 18th. Barclays lowered their price target on shares of Elevance Health from $434.00 to $358.00 and set an “overweight” rating on the stock in a research report on Friday, July 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Finally, Leerink Partners reaffirmed a “market perform” rating and set a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and an average target price of $413.81.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $310.03 on Tuesday. The company’s fifty day moving average price is $329.92 and its 200-day moving average price is $380.93. The firm has a market capitalization of $69.81 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.13 and a beta of 0.58. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.12 EPS. On average, equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. Elevance Health’s dividend payout ratio is 29.11%.

About Elevance Health

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.