Elevance Health, Inc. (NYSE:ELV) Position Lessened by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 78.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,800 shares of the company’s stock after selling 39,200 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Elevance Health were worth $5,616,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in ELV. Cetera Investment Advisers increased its stake in shares of Elevance Health by 493.6% in the first quarter. Cetera Investment Advisers now owns 59,988 shares of the company’s stock valued at $31,107,000 after purchasing an additional 49,883 shares during the period. Cetera Advisors LLC raised its stake in Elevance Health by 90.1% during the 1st quarter. Cetera Advisors LLC now owns 11,335 shares of the company’s stock valued at $5,878,000 after acquiring an additional 5,372 shares in the last quarter. Cetera Advisor Networks LLC boosted its position in Elevance Health by 4.1% during the 1st quarter. Cetera Advisor Networks LLC now owns 36,641 shares of the company’s stock worth $19,000,000 after acquiring an additional 1,441 shares during the period. American Trust grew its stake in shares of Elevance Health by 2.6% in the first quarter. American Trust now owns 775 shares of the company’s stock worth $402,000 after purchasing an additional 20 shares in the last quarter. Finally, Old Port Advisors acquired a new position in shares of Elevance Health during the first quarter valued at $213,000. 89.24% of the stock is currently owned by institutional investors.

Insider Activity at Elevance Health

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 completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.35% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ELV has been the subject of a number of recent analyst reports. TD Cowen decreased their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. UBS Group decreased their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. Barclays cut their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Finally, Morgan Stanley cut their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Trading Up 1.1 %

NYSE ELV opened at $407.33 on Friday. The stock has a market cap of $94.47 billion, a price-to-earnings ratio of 14.85, a PEG ratio of 1.20 and a beta of 0.85. Elevance Health, Inc. has a twelve month low of $391.02 and a twelve month 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 firm’s 50 day moving average price is $446.87 and its two-hundred day moving average price is $504.59.

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). The company had revenue of $44.72 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.99 EPS. Equities analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.60%. Elevance Health’s dividend payout ratio is 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.