Elevance Health, Inc. (NYSE:ELV) Shares Sold by 1ST Source Bank

1ST Source Bank decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 5.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,976 shares of the company’s stock after selling 110 shares during the quarter. 1ST Source Bank’s holdings in Elevance Health were worth $1,028,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raelipskie Partnership bought a new position in Elevance Health in the 3rd quarter worth about $26,000. PSI Advisors LLC bought a new position in Elevance Health in the 3rd quarter worth about $27,000. Strategic Financial Concepts LLC bought a new position in Elevance Health in the 2nd quarter worth about $30,000. Eastern Bank bought a new position in Elevance Health in the 3rd quarter worth about $31,000. Finally, Dunhill Financial LLC grew its position in Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Up 1.5 %

Shares of ELV traded up $5.51 during mid-day trading on Friday, hitting $383.90. 491,924 shares of the company’s stock were exchanged, compared to its average volume of 1,215,126. The firm has a fifty day moving average of $424.53 and a two-hundred day moving average of $495.40. Elevance Health, Inc. has a twelve month low of $375.29 and a twelve month high of $567.26. The stock has a market cap of $89.03 billion, a price-to-earnings ratio of 13.80, a P/E/G ratio of 1.15 and a beta of 0.83. 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 announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 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 business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the company earned $8.99 EPS. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, sell-side analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently announced 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 of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.70%. Elevance Health’s payout ratio is presently 23.77%.

Wall Street Analysts Forecast Growth

ELV has been the subject of several recent analyst reports. Mizuho decreased their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Cantor Fitzgerald decreased their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Truist Financial reiterated a “buy” rating and issued a $520.00 price objective (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Barclays decreased their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Morgan Stanley decreased their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. One investment 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s 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 directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.35% of the stock is currently owned by company insiders.

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.