Connective Portfolio Management LLC Makes New Investment in Elevance Health, Inc. (NYSE:ELV)

Connective Portfolio Management LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,000 shares of the company’s stock, valued at approximately $1,560,000. Elevance Health makes up about 1.7% of Connective Portfolio Management LLC’s portfolio, making the stock its 14th largest position.

A number of other hedge funds have also made changes to their positions in ELV. Massachusetts Financial Services Co. MA boosted its stake in Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after purchasing an additional 523,910 shares in the last quarter. M&G Plc bought a new stake in Elevance Health in the first quarter worth about $203,389,000. Maj Invest Holding A S acquired a new stake in Elevance Health in the 2nd quarter valued at about $173,753,000. First Eagle Investment Management LLC boosted its position in shares of Elevance Health by 15.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after purchasing an additional 275,708 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new position in shares of Elevance Health in the 1st quarter worth approximately $109,435,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on 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 approximately $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,058 shares of company stock worth $17,588,116 over the last ninety days. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Up 0.8 %

Shares of NYSE:ELV traded up $3.85 on Wednesday, reaching $493.32. The company had a trading volume of 77,656 shares, compared to its average volume of 1,016,773. The stock has a market capitalization of $114.66 billion, a P/E ratio of 18.50, a P/E/G ratio of 1.17 and a beta of 0.82. The stock has a 50-day moving average price of $534.17 and a 200 day moving average price of $529.57. Elevance Health, Inc. has a twelve month low of $435.99 and a twelve month 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.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion during the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the company earned $9.04 EPS. On average, equities analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date was Tuesday, September 10th. Elevance Health’s dividend payout ratio is 24.64%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wells Fargo & Company cut their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a research report on Tuesday, October 1st. Stephens restated an “overweight” rating and set a $615.00 price objective on shares of Elevance Health in a report on Thursday, September 5th. Morgan Stanley began coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price for the company. 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 report on Friday, July 19th. One investment analyst has rated the stock with a hold rating, fourteen 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 currently has an average rating of “Buy” and a consensus target price of $604.29.

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.