OLD National Bancorp IN Has $2.50 Million Position in Elevance Health, Inc. (NYSE:ELV)

OLD National Bancorp IN increased its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,813 shares of the company’s stock after purchasing an additional 74 shares during the period. OLD National Bancorp IN’s holdings in Elevance Health were worth $2,503,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELV. Bank & Trust Co acquired a new stake in Elevance Health in the 2nd quarter valued at $27,000. Palisade Asset Management LLC acquired a new stake in shares of Elevance Health in the 1st quarter valued at $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health in the 2nd quarter worth about $28,000. Strategic Financial Concepts LLC acquired a new stake in shares of Elevance Health during the 2nd quarter worth about $30,000. Finally, Register Financial Advisors LLC bought a new position in Elevance Health during the 1st quarter valued at about $32,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ELV. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday. UBS Group cut their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday. Royal Bank of Canada reduced their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday. Morgan Stanley assumed coverage on Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target for the company. Finally, Raymond James set a $485.00 price objective on shares of Elevance Health in a report on Friday. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and an average target price of $572.27.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $430.77 on Monday. The firm has a fifty day moving average of $526.74 and a two-hundred day moving average of $527.81. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a market capitalization of $100.12 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.08 and a beta of 0.82. Elevance Health, Inc. has a 52 week low of $397.98 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter in the prior year, the company posted $8.99 EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities research analysts predict that Elevance Health, Inc. will post 37.26 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.51%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is 24.64%.

Insider Activity at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

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.