Canal Capital Management LLC Raises Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Canal Capital Management LLC lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 9.3% during the third quarter, Holdings Channel reports. The fund owned 673 shares of the company’s stock after purchasing an additional 57 shares during the quarter. Canal Capital Management LLC’s holdings in Elevance Health were worth $350,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wealthcare Advisory Partners LLC grew its holdings in shares of Elevance Health by 21.1% during the first quarter. Wealthcare Advisory Partners LLC now owns 1,459 shares of the company’s stock worth $757,000 after buying an additional 254 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Elevance Health by 8.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,344 shares of the company’s stock worth $5,882,000 after acquiring an additional 877 shares during the period. Thrive Wealth Management LLC raised its holdings in Elevance Health by 13.6% in the 1st quarter. Thrive Wealth Management LLC now owns 803 shares of the company’s stock valued at $417,000 after acquiring an additional 96 shares during the last quarter. Cypress Wealth Services LLC lifted its stake in shares of Elevance Health by 3.9% during the 1st quarter. Cypress Wealth Services LLC now owns 592 shares of the company’s stock worth $307,000 after purchasing an additional 22 shares during the period. Finally, Register Financial Advisors LLC acquired a new stake in shares of Elevance Health during the first quarter worth $32,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Ratings Changes

ELV has been the subject of several analyst reports. Bank of America reiterated a “neutral” rating and issued a $530.00 target price (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. TD Cowen dropped their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday. Truist Financial reissued a “buy” rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Royal Bank of Canada dropped their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Finally, Raymond James set a $485.00 price target on shares of Elevance Health in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $551.07.

Elevance Health Trading Up 1.2 %

NYSE:ELV opened at $423.99 on Friday. The business’s 50-day moving average is $519.97 and its two-hundred day moving average is $525.88. The firm has a market capitalization of $98.54 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last announced its 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). The company had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $8.99 earnings per share. Research analysts predict that Elevance Health, Inc. will post 37.26 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.54%. Elevance Health’s payout ratio is currently 24.64%.

Insider Activity

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 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 $3,639,915.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

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.