Stonegate Investment Group LLC Takes $237,000 Position in Elevance Health, Inc. (NYSE:ELV)

Stonegate Investment Group LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 456 shares of the company’s stock, valued at approximately $237,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. New Mexico Educational Retirement Board boosted its holdings in shares of Elevance Health by 14.6% during the 1st quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after buying an additional 1,800 shares in the last quarter. Blair William & Co. IL grew its holdings in Elevance Health by 119.7% in the first quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock worth $6,292,000 after purchasing an additional 6,610 shares during the period. AMI Investment Management Inc. bought a new position in shares of Elevance Health during the third quarter valued at approximately $1,294,000. Artemis Investment Management LLP increased its stake in shares of Elevance Health by 16.1% during the first quarter. Artemis Investment Management LLP now owns 83,757 shares of the company’s stock valued at $43,422,000 after purchasing an additional 11,627 shares in the last quarter. Finally, BDF Gestion purchased a new position in shares of Elevance Health during the second quarter valued at approximately $5,837,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

NYSE ELV opened at $430.77 on Friday. The company has a 50-day moving average price of $526.74 and a 200-day moving average price of $527.66. Elevance Health, Inc. has a 52 week low of $397.98 and a 52 week high of $567.26. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $100.12 billion, a P/E ratio of 16.28, a PEG ratio of 1.08 and a beta of 0.82.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The business had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $8.99 earnings per share. Equities research analysts anticipate that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors 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 yield of 1.51%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Buying and Selling at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the transaction, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the transaction, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,170 shares of company stock valued at $20,638,737. Company insiders own 0.35% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of a number of analyst reports. Morgan Stanley began coverage on Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective for the company. Bank of America restated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Cantor Fitzgerald dropped their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday. Truist Financial restated a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research note on Friday. Finally, TD Cowen dropped their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. One 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $572.27.

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.