Elevance Health, Inc. (NYSE:ELV) Stake Lowered by GAMMA Investing LLC

GAMMA Investing LLC lowered its position in shares of Elevance Health, Inc. (NYSE:ELV) by 41.8% in the 4th quarter, Holdings Channel reports. The fund owned 1,802 shares of the company’s stock after selling 1,296 shares during the period. GAMMA Investing LLC’s holdings in Elevance Health were worth $665,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of ELV. Pathway Financial Advisers LLC boosted its position in Elevance Health by 51,967.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after acquiring an additional 656,344 shares during the period. Stifel Financial Corp lifted its stake in shares of Elevance Health by 309.7% in the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock worth $370,794,000 after acquiring an additional 538,978 shares during the period. International Assets Investment Management LLC boosted its holdings 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 acquiring an additional 532,016 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Elevance Health by 34.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Elevance Health by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after purchasing an additional 286,905 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Mizuho lowered their target price on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Barclays dropped their target price on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. StockNews.com downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Raymond James set a $485.00 target price on Elevance Health in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Stock Up 1.6 %

ELV opened at $371.56 on Friday. The company has a market capitalization of $86.17 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The business has a 50-day moving average of $394.43 and a 200-day moving average of $477.48.

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 analysts’ consensus estimates of $9.66 by ($1.29). The business had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Elevance Health’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm earned $8.99 earnings per share. Equities research analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Thursday, December 5th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date was Thursday, December 5th. Elevance Health’s dividend payout ratio is presently 23.77%.

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.