Hollencrest Capital Management Cuts Position in Elevance Health, Inc. (NYSE:ELV)

Hollencrest Capital Management decreased its holdings in Elevance Health, Inc. (NYSE:ELV) by 11.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,411 shares of the company’s stock after selling 177 shares during the quarter. Hollencrest Capital Management’s holdings in Elevance Health were worth $734,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Iridian Asset Management LLC CT raised its position in Elevance Health by 10.7% in the third quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock worth $20,360,000 after acquiring an additional 3,786 shares in the last quarter. International Assets Investment Management LLC raised its position in Elevance Health by 85,533.1% in the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after acquiring an additional 532,016 shares in the last quarter. abrdn plc raised its position in Elevance Health by 32.2% in the third quarter. abrdn plc now owns 360,134 shares of the company’s stock worth $186,540,000 after acquiring an additional 87,717 shares in the last quarter. Blair William & Co. IL raised its position in Elevance Health by 119.7% in the first quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock worth $6,292,000 after acquiring an additional 6,610 shares in the last quarter. Finally, AMI Investment Management Inc. purchased a new position in shares of Elevance Health in the third quarter valued at $1,294,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 0.8 %

Shares of NYSE ELV traded down $3.53 during midday trading on Friday, hitting $425.81. The stock had a trading volume of 417,429 shares, compared to its average volume of 1,142,639. The company has a market capitalization of $98.75 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 1.24 and a beta of 0.85. Elevance Health, Inc. has a 1-year low of $397.98 and a 1-year high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a fifty day moving average price of $494.37 and a 200 day moving average price of $519.32.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $8.99 earnings per share. On average, analysts predict that Elevance Health, Inc. will post 32.93 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.53%. Elevance Health’s payout ratio is currently 23.77%.

Insider Activity at Elevance Health

In related 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 directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of research analyst reports. Stephens restated an “underperform” rating 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. Royal Bank of Canada dropped their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Barclays dropped their price target 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. Finally, Raymond James set a $485.00 price target on Elevance Health in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

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.