PNC Financial Services Group Inc. Sells 2,402 Shares of Elevance Health, Inc. $ELV

PNC Financial Services Group Inc. reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 3.1% during the third quarter, HoldingsChannel reports. The firm owned 75,576 shares of the company’s stock after selling 2,402 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Elevance Health were worth $24,420,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ELV. Evergreen Wealth Management LLC raised its stake in shares of Elevance Health by 33.5% in the 3rd quarter. Evergreen Wealth Management LLC now owns 17,283 shares of the company’s stock valued at $5,584,000 after acquiring an additional 4,336 shares during the period. Blume Capital Management Inc. increased its holdings in Elevance Health by 236.7% during the 3rd quarter. Blume Capital Management Inc. now owns 6,145 shares of the company’s stock worth $1,986,000 after purchasing an additional 4,320 shares during the period. Canoe Financial LP boosted its stake in shares of Elevance Health by 18.1% in the 3rd quarter. Canoe Financial LP now owns 389,399 shares of the company’s stock valued at $125,823,000 after buying an additional 59,743 shares during the period. Synergy Asset Management LLC grew its position in shares of Elevance Health by 100.0% during the third quarter. Synergy Asset Management LLC now owns 104,334 shares of the company’s stock worth $33,712,000 after buying an additional 52,167 shares in the last quarter. Finally, Delta Investment Management LLC acquired a new stake in Elevance Health in the third quarter valued at approximately $7,629,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Trading Down 0.7%

NYSE:ELV opened at $344.40 on Wednesday. The company has a market capitalization of $76.01 billion, a PE ratio of 13.71, a P/E/G ratio of 1.93 and a beta of 0.50. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75. The stock’s 50 day moving average price is $352.83 and its 200 day moving average price is $333.24. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.70.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $3.33 earnings per share for the quarter, beating the consensus estimate of $3.10 by $0.23. The business had revenue of $49.31 billion during the quarter, compared to the consensus estimate of $49.52 billion. Elevance Health had a return on equity of 15.59% and a net margin of 2.84%.The company’s revenue was up 9.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.84 earnings per share. Elevance Health has set its FY 2026 guidance at 25.500- EPS. On average, research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Tuesday, March 10th will be issued a dividend of $1.72 per share. This is an increase from Elevance Health’s previous quarterly dividend of $1.71. This represents a $6.88 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, March 10th. Elevance Health’s dividend payout ratio is 27.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. UBS Group set a $400.00 price objective on shares of Elevance Health in a research report on Thursday, January 29th. Wall Street Zen downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Wolfe Research set a $425.00 price objective on Elevance Health and gave the company an “outperform” rating in a report on Thursday, January 8th. Jefferies Financial Group cut their target price on Elevance Health from $401.00 to $395.00 and set a “buy” rating on the stock in a research report on Friday, January 30th. Finally, Robert W. Baird upped their price target on Elevance Health from $297.00 to $340.00 and gave the company a “neutral” rating in a report on Thursday, December 11th. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $390.55.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.