Elevance Health, Inc. (NYSE:ELV) Shares Sold by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 4.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,475 shares of the company’s stock after selling 61 shares during the period. Concurrent Investment Advisors LLC’s holdings in Elevance Health were worth $767,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Iridian Asset Management LLC CT lifted its holdings in Elevance Health by 10.7% in the third 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 stake in shares of Elevance Health by 85,533.1% in the third 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 during the period. abrdn plc boosted its holdings in Elevance Health by 32.2% during the third quarter. abrdn plc now owns 360,134 shares of the company’s stock worth $186,540,000 after buying an additional 87,717 shares in the last quarter. Blair William & Co. IL grew its position in Elevance Health by 119.7% during the first quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock worth $6,292,000 after buying an additional 6,610 shares during the period. Finally, AMI Investment Management Inc. purchased a new position in Elevance Health in the third quarter valued at about $1,294,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Shares of ELV stock opened at $422.62 on Friday. The company’s fifty day moving average price is $489.22 and its two-hundred day moving average price is $517.94. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The firm has a market capitalization of $98.01 billion, a P/E ratio of 15.41, a P/E/G ratio of 1.28 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.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data 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 business 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%. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.99 earnings per share. On average, research analysts anticipate that Elevance Health, Inc. will post 32.95 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders 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 dividend yield of 1.54%. Elevance Health’s payout ratio is 23.77%.

Insider Buying and Selling

In other Elevance Health 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 transaction of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ELV shares. Royal Bank of Canada decreased their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Morgan Stanley decreased their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Raymond James set a $485.00 price target on Elevance Health in a research report on Friday, October 18th. TD Cowen reduced their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Finally, Barclays decreased their price objective on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

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.