Forte Capital LLC ADV Acquires 209 Shares of Elevance Health, Inc. (NYSE:ELV)

Forte Capital LLC ADV boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 46.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 663 shares of the company’s stock after acquiring an additional 209 shares during the quarter. Forte Capital LLC ADV’s holdings in Elevance Health were worth $345,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Bank & Trust Co bought a new position in shares of Elevance Health in the second quarter valued at approximately $27,000. PSI Advisors LLC purchased a new position in Elevance Health during the 3rd quarter worth $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health during the 2nd quarter worth $28,000. Strategic Financial Concepts LLC bought a new stake in shares of Elevance Health in the 2nd quarter worth $30,000. Finally, Eastern Bank purchased a new stake in shares of Elevance Health in the third quarter valued at about $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday. Bank of America reaffirmed a “neutral” rating and issued a $530.00 target price (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Mizuho dropped their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday. Truist Financial reissued a “buy” rating and issued a $520.00 price objective (down previously from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Finally, Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Insider Activity

In related news, 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 transaction of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.29% of the stock is owned by company insiders.

Elevance Health Stock Performance

Shares of ELV stock opened at $429.22 on Friday. The firm’s 50 day moving average is $494.37 and its 200 day moving average is $519.32. The stock has a market capitalization of $99.54 billion, a P/E ratio of 15.65, a PEG ratio of 1.24 and a beta of 0.85. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56.

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

Elevance Health Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Thursday, December 5th. 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.