National Pension Service grew its position in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) by 14.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 474,072 shares of the company’s stock after acquiring an additional 59,779 shares during the period. National Pension Service’s holdings in Elevance Health were worth $246,517,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of ELV. Bank & Trust Co bought a new position in Elevance Health in the second quarter worth about $27,000. Opal Wealth Advisors LLC bought a new position in Elevance Health in the second quarter worth about $28,000. PSI Advisors LLC bought a new position in Elevance Health in the third quarter worth about $27,000. Eastern Bank bought a new position in Elevance Health in the third quarter worth about $31,000. Finally, Crewe Advisors LLC bought a new position in Elevance Health in the first quarter worth about $40,000. 89.24% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on ELV. Barclays cut their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. TD Cowen cut their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Cantor Fitzgerald cut their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Finally, Royal Bank of Canada lowered their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $544.53.
Insider Activity
In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction 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 approximately $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.35% of the company’s stock.
Elevance Health Stock Up 0.7 %
Shares of ELV stock opened at $417.02 on Monday. The company has a market capitalization of $96.72 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.21 and a beta of 0.85. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26. The company’s fifty day moving average price is $501.96 and its 200-day moving average price is $521.52. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50.
Elevance Health (NYSE:ELV – Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $8.99 earnings per share. Sell-side analysts expect that Elevance Health, Inc. will post 32.93 EPS for the current fiscal year.
Elevance Health Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.56%. Elevance Health’s payout ratio is 23.77%.
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.
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