Assetmark Inc. Increases Holdings in Elevance Health, Inc. (NYSE:ELV)

Assetmark Inc. boosted its stake in Elevance Health, Inc. (NYSE:ELV) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,135 shares of the company’s stock after purchasing an additional 220 shares during the period. Assetmark Inc.’s holdings in Elevance Health were worth $6,310,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ELV. Pathway Financial Advisers LLC grew its stake in shares of Elevance Health by 51,967.1% during the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock valued at $341,956,000 after acquiring an additional 656,344 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in 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 last quarter. Massachusetts Financial Services Co. MA increased its holdings 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 worth $1,117,698,000 after purchasing an additional 523,910 shares during the last quarter. M&G Plc acquired a new position in shares of Elevance Health in the 1st quarter valued at approximately $203,389,000. Finally, Maj Invest Holding A S purchased a new position in shares of Elevance Health during the 2nd quarter valued at approximately $173,753,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on ELV shares. Stephens restated an “underperform” rating on shares of Elevance Health in a research note 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 research report on Monday, October 21st. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Bank of America reaffirmed a “neutral” rating and set a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Finally, Raymond James set a $485.00 price target on Elevance Health in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $539.20.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.35% of the stock is owned by corporate insiders.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $425.39 on Tuesday. The firm’s 50 day moving average is $489.22 and its two-hundred day moving average is $517.72. The firm has a market capitalization of $98.66 billion, a P/E ratio of 15.51, a PEG ratio of 1.26 and a beta of 0.85. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 52 week low of $397.98 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the previous year, the firm earned $8.99 EPS. The firm’s revenue was up 5.3% on a year-over-year basis. Analysts anticipate that Elevance Health, Inc. will post 32.96 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 $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.53%. 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.