Intech Investment Management LLC Buys 10,915 Shares of Elevance Health, Inc. (NYSE:ELV)

Intech Investment Management LLC grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 67.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,070 shares of the company’s stock after purchasing an additional 10,915 shares during the period. Intech Investment Management LLC’s holdings in Elevance Health were worth $14,076,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of Elevance Health by 5.0% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 209,859 shares of the company’s stock valued at $109,127,000 after buying an additional 9,916 shares during the last quarter. Moran Wealth Management LLC raised its position in shares of Elevance Health by 2.2% in the third quarter. Moran Wealth Management LLC now owns 17,063 shares of the company’s stock worth $8,873,000 after acquiring an additional 365 shares during the period. Portfolio Design Labs LLC grew its holdings in Elevance Health by 26.4% in the third quarter. Portfolio Design Labs LLC now owns 6,107 shares of the company’s stock valued at $3,176,000 after purchasing an additional 1,275 shares during the period. First Horizon Advisors Inc. increased its holdings in Elevance Health by 6.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 854 shares of the company’s stock worth $444,000 after acquiring an additional 52 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Elevance Health by 57.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 8,377 shares of the company’s stock worth $4,356,000 after purchasing an additional 3,054 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ELV shares. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. UBS Group decreased their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Truist Financial reiterated a “buy” rating and issued a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a report on Friday, October 18th. TD Cowen lowered their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Finally, Wells Fargo & Company cut their price target on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Stock Up 1.5 %

Shares of NYSE ELV opened at $403.51 on Friday. The business has a 50-day moving average price of $463.67 and a 200 day moving average price of $510.08. Elevance Health, Inc. has a 52-week low of $391.02 and a 52-week high of $567.26. The stock has a market cap of $93.58 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 1.17 and a beta of 0.85. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) 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 during the quarter, compared to analyst estimates 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. Equities research 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 declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.62%. Elevance Health’s dividend payout ratio (DPR) 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.