Elevance Health, Inc. (NYSE:ELV) Shares Sold by Hollencrest Capital Management

Hollencrest Capital Management lowered its stake in Elevance Health, Inc. (NYSE:ELV) by 11.1% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,411 shares of the company’s stock after selling 177 shares during the quarter. Hollencrest Capital Management’s holdings in Elevance Health were worth $734,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Iridian Asset Management LLC CT grew its stake in Elevance Health by 10.7% in the 3rd quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after acquiring an additional 3,786 shares during the period. International Assets Investment Management LLC lifted its holdings in Elevance Health by 85,533.1% in the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after purchasing an additional 532,016 shares in the last quarter. abrdn plc lifted its holdings in Elevance Health by 32.2% in the 3rd quarter. abrdn plc now owns 360,134 shares of the company’s stock valued at $186,540,000 after purchasing an additional 87,717 shares in the last quarter. Blair William & Co. IL lifted its holdings in Elevance Health by 119.7% in the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after purchasing an additional 6,610 shares in the last quarter. Finally, AMI Investment Management Inc. purchased a new position in Elevance Health in the 3rd quarter valued at $1,294,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Down 0.8 %

ELV traded down $3.53 on Friday, reaching $425.81. The company’s stock had a trading volume of 417,429 shares, compared to its average volume of 1,142,639. The stock has a 50 day moving average of $494.37 and a two-hundred day moving average of $519.32. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $98.75 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 1.24 and a beta of 0.85. Elevance Health, Inc. has a fifty-two week low of $397.98 and a fifty-two week high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Elevance Health’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $8.99 earnings per share. As a group, analysts forecast 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 issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ELV. Royal Bank of Canada decreased their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Bank of America reissued a “neutral” rating and set a $530.00 price objective (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Morgan Stanley cut their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Finally, Cantor Fitzgerald cut their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

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.