Elevance Health, Inc. (NYSE:ELV) Shares Bought by SevenBridge Financial Group LLC

SevenBridge Financial Group LLC grew its position in Elevance Health, Inc. (NYSE:ELV) by 114.9% in the third quarter, HoldingsChannel reports. The fund owned 1,689 shares of the company’s stock after acquiring an additional 903 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Elevance Health were worth $878,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Advisors Asset Management Inc. boosted its position in Elevance Health by 12.6% during the first quarter. Advisors Asset Management Inc. now owns 4,513 shares of the company’s stock worth $2,340,000 after purchasing an additional 505 shares in the last quarter. Magnetar Financial LLC purchased a new position in Elevance Health during the first quarter valued at $648,000. Bamco Inc. NY grew its position in shares of Elevance Health by 34.3% in the first quarter. Bamco Inc. NY now owns 9,000 shares of the company’s stock valued at $4,667,000 after purchasing an additional 2,300 shares during the period. Mount Yale Investment Advisors LLC increased its stake in shares of Elevance Health by 6.8% during the first quarter. Mount Yale Investment Advisors LLC now owns 3,830 shares of the company’s stock worth $1,986,000 after purchasing an additional 245 shares in the last quarter. Finally, Ascent Group LLC increased its stake in shares of Elevance Health by 311.0% during the first quarter. Ascent Group LLC now owns 3,765 shares of the company’s stock worth $1,952,000 after purchasing an additional 2,849 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Ratings Changes

ELV has been the topic of several research analyst reports. Cantor Fitzgerald lowered their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Truist Financial restated a “buy” rating and issued a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. UBS Group dropped their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Wells Fargo & Company decreased their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, Raymond James set a $485.00 target price on shares of Elevance Health in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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 dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction 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 46.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Price Performance

Shares of NYSE ELV opened at $402.55 on Friday. 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 company has a market cap of $93.36 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.20 and a beta of 0.85. The stock’s 50-day moving average is $460.70 and its two-hundred day moving average is $509.01. Elevance Health, Inc. has a 1-year low of $391.02 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV) last released 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). The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.99 earnings per share. Analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued 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 payout ratio is 23.77%.

About Elevance Health

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.