Plato Investment Management Ltd Raises Stock Position in Elevance Health, Inc. (NYSE:ELV)

Plato Investment Management Ltd boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 6.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,390 shares of the company’s stock after acquiring an additional 392 shares during the quarter. Plato Investment Management Ltd’s holdings in Elevance Health were worth $3,319,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Kovack Advisors Inc. grew its stake in Elevance Health by 9.7% in the 3rd quarter. Kovack Advisors Inc. now owns 486 shares of the company’s stock worth $253,000 after buying an additional 43 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Elevance Health by 1.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 7,698 shares of the company’s stock worth $4,003,000 after acquiring an additional 118 shares during the last quarter. Pinnacle Financial Partners Inc grew its position in Elevance Health by 1.6% in the third quarter. Pinnacle Financial Partners Inc now owns 2,945 shares of the company’s stock worth $1,531,000 after acquiring an additional 47 shares in the last quarter. MQS Management LLC increased its stake in Elevance Health by 176.3% in the third quarter. MQS Management LLC now owns 1,108 shares of the company’s stock valued at $576,000 after acquiring an additional 707 shares during the last quarter. Finally, Carrera Capital Advisors raised its position in Elevance Health by 13.9% during the third quarter. Carrera Capital Advisors now owns 4,316 shares of the company’s stock valued at $2,244,000 after purchasing an additional 528 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated 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 transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.35% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ELV shares. Raymond James set a $485.00 price objective on Elevance Health in a report on Friday, October 18th. TD Cowen cut their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. UBS Group decreased their price target on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Royal Bank of Canada reduced their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Finally, Morgan Stanley lowered their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. 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 given a strong buy rating to the stock. According to MarketBeat, Elevance Health has an average rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Stock Down 0.5 %

NYSE ELV opened at $410.89 on Thursday. Elevance Health, Inc. has a 1 year low of $397.98 and a 1 year high of $567.26. 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 business’s 50-day moving average is $483.60 and its 200 day moving average is $516.04. The stock has a market capitalization of $95.29 billion, a PE ratio of 14.98, a PEG ratio of 1.23 and a beta of 0.85.

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 analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company 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 posted $8.99 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. Sell-side analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is 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.