Victory Capital Management Inc. Boosts Holdings in Elevance Health, Inc. (NYSE:ELV)

Victory Capital Management Inc. grew its position in Elevance Health, Inc. (NYSE:ELV) by 4.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 203,042 shares of the company’s stock after purchasing an additional 8,851 shares during the quarter. Victory Capital Management Inc.’s holdings in Elevance Health were worth $105,582,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in ELV. Aptus Capital Advisors LLC raised its stake in Elevance Health by 1,133.5% in the third quarter. Aptus Capital Advisors LLC now owns 31,293 shares of the company’s stock valued at $16,272,000 after buying an additional 28,756 shares during the last quarter. Cumberland Partners Ltd raised its position in shares of Elevance Health by 0.8% in the 3rd quarter. Cumberland Partners Ltd now owns 19,396 shares of the company’s stock valued at $10,086,000 after purchasing an additional 155 shares during the last quarter. Savvy Advisors Inc. acquired a new stake in Elevance Health in the 3rd quarter worth approximately $385,000. Sumitomo Mitsui Trust Group Inc. grew its position in Elevance Health by 6.2% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 856,589 shares of the company’s stock worth $445,426,000 after purchasing an additional 49,755 shares during the last quarter. Finally, Apollon Financial LLC increased its stake in Elevance Health by 7.0% during the 3rd quarter. Apollon Financial LLC now owns 583 shares of the company’s stock valued at $303,000 after purchasing an additional 38 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Truist Financial reiterated a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Bank of America restated a “neutral” rating and issued a $530.00 price objective (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Raymond James set a $485.00 target price on Elevance Health in a research report on Friday, October 18th. Finally, Wells Fargo & Company reduced their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction 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 sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Shares of 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 quick ratio of 1.50 and a current ratio of 1.50. The company’s fifty day moving average price is $483.60 and its 200 day moving average price is $516.04. The company has a market capitalization of $95.29 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 1.23 and a beta of 0.85.

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 the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same period in the previous year, the company earned $8.99 earnings per share. The company’s revenue was up 5.3% compared to the same quarter last year. On average, research analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is currently 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.