Northwest Bancshares Inc. Has $590,000 Stake in Elevance Health, Inc. (NYSE:ELV)

Northwest Bancshares Inc. cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 16.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,134 shares of the company’s stock after selling 228 shares during the quarter. Northwest Bancshares Inc.’s holdings in Elevance Health were worth $590,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Prospera Private Wealth LLC bought a new stake in shares of Elevance Health in the third quarter valued at approximately $52,000. Second Half Financial Partners LLC bought a new stake in shares of Elevance Health during the 3rd quarter valued at $3,360,000. PNC Financial Services Group Inc. grew its holdings in shares of Elevance Health by 1.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 83,994 shares of the company’s stock worth $43,677,000 after purchasing an additional 832 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Elevance Health in the third quarter worth $20,258,000. Finally, Banque Cantonale Vaudoise increased its holdings in Elevance Health by 32.7% in the 3rd quarter. Banque Cantonale Vaudoise now owns 15,384 shares of the company’s stock valued at $8,000,000 after buying an additional 3,788 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’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 completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Trading Down 1.6 %

Shares of ELV stock opened at $394.20 on Wednesday. The stock has a 50-day moving average of $469.43 and a 200-day moving average of $511.63. Elevance Health, Inc. has a 1-year low of $391.83 and a 1-year high of $567.26. The stock has a market cap of $91.42 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.19 and a beta of 0.85. 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 issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the firm posted $8.99 EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.65%. Elevance Health’s payout ratio is currently 23.77%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ELV. Barclays cut their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Royal Bank of Canada dropped their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Wells Fargo & Company decreased their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Raymond James set a $485.00 target price on shares of Elevance Health in a report on Friday, October 18th. Finally, Morgan Stanley decreased their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and an average price target of $539.20.

About Elevance Health

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.