E. Ohman J or Asset Management AB Reduces Stock Position in Elevance Health, Inc. (NYSE:ELV)

E. Ohman J or Asset Management AB trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 5.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,400 shares of the company’s stock after selling 580 shares during the period. E. Ohman J or Asset Management AB’s holdings in Elevance Health were worth $4,888,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Mount Yale Investment Advisors LLC lifted its position in shares of Elevance Health by 0.9% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 4,010 shares of the company’s stock worth $2,085,000 after buying an additional 35 shares during the last quarter. Dakota Wealth Management lifted its holdings in shares of Elevance Health by 12.9% in the 3rd quarter. Dakota Wealth Management now owns 1,068 shares of the company’s stock valued at $555,000 after purchasing an additional 122 shares during the last quarter. Values First Advisors Inc. acquired a new stake in shares of Elevance Health in the 3rd quarter valued at about $87,000. DT Investment Partners LLC grew its stake in Elevance Health by 4.9% during the 3rd quarter. DT Investment Partners LLC now owns 644 shares of the company’s stock worth $335,000 after buying an additional 30 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Elevance Health by 716.8% during the third quarter. Assenagon Asset Management S.A. now owns 260,099 shares of the company’s stock worth $135,251,000 after buying an additional 228,256 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Cantor Fitzgerald lowered their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Royal Bank of Canada lowered their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Morgan Stanley lowered their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Raymond James set a $485.00 price objective on Elevance Health in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $551.07.

Elevance Health Stock Performance

ELV opened at $418.75 on Friday. Elevance Health, Inc. has a 1-year low of $397.98 and a 1-year high of $567.26. The stock has a market cap of $97.33 billion, a P/E ratio of 15.83, a P/E/G ratio of 1.08 and a beta of 0.82. The stock’s 50 day simple moving average is $519.97 and its 200 day simple moving average is $525.88. 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 released its quarterly earnings results 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). Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same period in the previous year, the business posted $8.99 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, equities analysts anticipate that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid 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 1.56%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction that occurred 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 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. 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. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’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 value of $3,205,182.38. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

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.