Pinnacle Associates Ltd. Reduces Stock Position in Elevance Health, Inc. (NYSE:ELV)

Pinnacle Associates Ltd. cut its stake in Elevance Health, Inc. (NYSE:ELV) by 20.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,228 shares of the company’s stock after selling 808 shares during the period. Pinnacle Associates Ltd.’s holdings in Elevance Health were worth $1,679,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. First Trust Direct Indexing L.P. grew its position in Elevance Health by 5.4% in the third quarter. First Trust Direct Indexing L.P. now owns 10,313 shares of the company’s stock worth $5,363,000 after acquiring an additional 530 shares during the period. Trajan Wealth LLC grew its position in Elevance Health by 43.5% in the third quarter. Trajan Wealth LLC now owns 49,542 shares of the company’s stock worth $25,762,000 after acquiring an additional 15,025 shares during the period. Pathway Financial Advisers LLC grew its position in Elevance Health by 51,967.1% in the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after acquiring an additional 656,344 shares during the period. Avitas Wealth Management LLC grew its position in Elevance Health by 1.5% in the third quarter. Avitas Wealth Management LLC now owns 4,674 shares of the company’s stock worth $2,430,000 after acquiring an additional 67 shares during the period. Finally, Fidelis Capital Partners LLC grew its position in Elevance Health by 14.0% in the third quarter. Fidelis Capital Partners LLC now owns 4,051 shares of the company’s stock worth $2,107,000 after acquiring an additional 499 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on ELV. UBS Group lowered their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Bank of America restated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. TD Cowen dropped their price objective on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Barclays cut their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $551.07.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Stock Up 2.0 %

ELV stock opened at $414.01 on Friday. The company’s 50 day moving average price is $501.96 and its 200 day moving average price is $521.33. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. Elevance Health, Inc. has a fifty-two week low of $397.98 and a fifty-two week high of $567.26. The firm has a market capitalization of $96.02 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.22 and a beta of 0.82.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter in the previous year, the company posted $8.99 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. On average, equities research analysts anticipate that Elevance Health, Inc. will post 32.93 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Elevance Health Company 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.