SevenBridge Financial Group LLC Acquires 903 Shares of Elevance Health, Inc. (NYSE:ELV)

SevenBridge Financial Group LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 114.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,689 shares of the company’s stock after purchasing an additional 903 shares during the period. SevenBridge Financial Group LLC’s holdings in Elevance Health were worth $878,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Bank & Trust Co purchased a new position in Elevance Health in the 2nd quarter worth about $27,000. PSI Advisors LLC purchased a new stake in shares of Elevance Health in the third quarter valued at approximately $27,000. Opal Wealth Advisors LLC bought a new position in Elevance Health in the second quarter worth approximately $28,000. Strategic Financial Concepts LLC purchased a new position in Elevance Health during the 2nd quarter worth $30,000. Finally, Eastern Bank purchased a new stake in shares of Elevance Health in the 3rd quarter worth $31,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Trading Down 0.3 %

NYSE:ELV opened at $402.55 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a fifty day simple moving average of $460.70 and a 200-day simple moving average of $509.01. Elevance Health, Inc. has a 12 month low of $391.02 and a 12 month high of $567.26. The company has a market capitalization of $93.36 billion, a P/E ratio of 14.68, a PEG ratio of 1.20 and a beta of 0.85.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results 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). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. 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 firm posted $8.99 EPS. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities research analysts anticipate 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 given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio is presently 23.77%.

Analyst Upgrades and Downgrades

ELV has been the subject of several recent research reports. Cantor Fitzgerald decreased their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Morgan Stanley reduced their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. TD Cowen lowered their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. UBS Group cut their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Finally, Wells Fargo & Company lowered their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated Friday, October 18th. The stock was 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 owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.35% of the company’s stock.

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.