Forte Capital LLC ADV Grows Stake in Elevance Health, Inc. (NYSE:ELV)

Forte Capital LLC ADV grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 46.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 663 shares of the company’s stock after buying an additional 209 shares during the period. Forte Capital LLC ADV’s holdings in Elevance Health were worth $345,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ELV. Bedel Financial Consulting Inc. increased its position in Elevance Health by 1.6% during the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock valued at $647,000 after purchasing an additional 20 shares during the period. American Trust increased its position in shares of Elevance Health by 2.6% during the first quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after buying an additional 20 shares during the period. Private Ocean LLC raised its stake in Elevance Health by 6.7% in the second quarter. Private Ocean LLC now owns 348 shares of the company’s stock worth $189,000 after buying an additional 22 shares in the last quarter. Hurlow Wealth Management Group Inc. lifted its holdings in Elevance Health by 1.9% in the second quarter. Hurlow Wealth Management Group Inc. now owns 1,229 shares of the company’s stock worth $666,000 after buying an additional 23 shares during the period. Finally, Cypress Wealth Services LLC boosted its position in Elevance Health by 3.5% during the 3rd quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock valued at $353,000 after acquiring an additional 23 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Price Performance

NYSE ELV opened at $429.22 on Friday. 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 has a market capitalization of $99.54 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 1.24 and a beta of 0.85. The stock has a 50-day moving average of $494.37 and a 200 day moving average of $519.32. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 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 the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.99 earnings per share. On average, sell-side analysts forecast that Elevance Health, Inc. will post 32.93 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 1.52%. Elevance Health’s payout ratio is 23.77%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ELV. TD Cowen lowered their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Barclays dropped their target price on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Morgan Stanley decreased their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Bank of America restated a “neutral” rating and issued a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

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.