Elevance Health, Inc. (NYSE:ELV) Director Ramiro G. Peru has sold a total of 753 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on August 5, 2024, was executed at a price of $531.52 per share, resulting in a total value of $400,234.
The sale was conducted under a Rule 10b5-1 trading plan, which was previously adopted by Peru on May 6, 2024. This plan allows company insiders to set up a predetermined schedule for selling shares over time, in compliance with insider trading laws. Following the sale, Peru's remaining holdings in Elevance Health amount to 8,744 shares of common stock.
Investors often monitor insider transactions as they can provide insights into how the company's executives and directors view the stock's value. However, it's important to note that such sales can occur for various reasons and may not necessarily reflect a negative outlook.
Elevance Health, formerly known as Anthem, Inc., is a leading health benefits company dedicated to improving lives and communities, and making healthcare simpler. The company's shares are traded on the New York Stock Exchange under the ticker symbol ELV.
In other recent news, Elevance Health Inc. reported a strong Q2 performance, with operating revenue of $43.22 billion and an adjusted EPS of $10.12, exceeding estimates. The company also expanded its primary care services through a collaboration with private equity firm Clayton, Dubilier & Rice. On the analyst front, TD Cowen lowered its price target for Elevance shares to $589 due to concerns about Medicaid trends, while Baird also reduced its target to $625, citing near-term headwinds. RBC Capital, however, upgraded its price target to $585, maintaining an Outperform rating. BofA Securities downgraded the stock to Neutral due to Medicaid margin concerns, while Truist Securities reiterated a Buy rating, expressing confidence in the company's financial preparedness. These are recent developments that investors should consider.
InvestingPro Insights
Amid the news of Director Ramiro G. Peru's sale of Elevance Health shares, investors may benefit from considering recent metrics and analyst perspectives on the company. Elevance Health, recognized as a prominent player in the Healthcare Providers & Services industry, is trading near its 52-week high, with its price at 94.37% of this peak. This aligns with the company's reputation for low price volatility, as indicated by one of the InvestingPro Tips.
From a financial standpoint, Elevance Health's market capitalization stands at a robust $121.85 billion, underscoring its significant presence in the market. The company's P/E ratio is currently at 18.43, which suggests a high valuation relative to near-term earnings growth, a point of interest for value-focused investors. However, the adjusted P/E ratio for the last twelve months as of Q2 2024 is slightly lower at 16.45. In terms of shareholder returns, Elevance Health has raised its dividend for 13 consecutive years, demonstrating a commitment to returning value to investors, which is further supported by its dividend yield of 1.25% as of the latest data.
For investors seeking a more in-depth analysis, there are additional InvestingPro Tips available, which include insights on the company's share buyback strategy, debt level, and cash flow status. Specifically, there are 12 additional tips listed on InvestingPro for Elevance Health that could provide a more nuanced understanding of the company's financial health and future prospects. To explore these insights, visit https://www.investing.com/pro/ELV.
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