AlphaCore Capital LLC Cuts Stock Position in Elevance Health, Inc. (NYSE:ELV)

AlphaCore Capital LLC trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 6.9% in the third quarter, HoldingsChannel.com reports. The fund owned 499 shares of the company’s stock after selling 37 shares during the period. AlphaCore Capital LLC’s holdings in Elevance Health were worth $259,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Iridian Asset Management LLC CT grew its holdings in shares of Elevance Health by 10.7% in the third quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after purchasing an additional 3,786 shares in the last quarter. International Assets Investment Management LLC boosted its position in Elevance Health by 85,533.1% in the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after buying an additional 532,016 shares during the period. Seizert Capital Partners LLC grew its stake in shares of Elevance Health by 26.3% in the third quarter. Seizert Capital Partners LLC now owns 104,229 shares of the company’s stock worth $54,199,000 after acquiring an additional 21,708 shares in the last quarter. Mizuho Securities USA LLC increased its position in shares of Elevance Health by 185.4% during the third quarter. Mizuho Securities USA LLC now owns 51,153 shares of the company’s stock worth $26,600,000 after acquiring an additional 33,231 shares during the period. Finally, abrdn plc raised its stake in shares of Elevance Health by 32.2% in the third quarter. abrdn plc now owns 360,134 shares of the company’s stock valued at $186,540,000 after acquiring an additional 87,717 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Trading Up 1.5 %

Shares of Elevance Health stock opened at $403.51 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 $93.58 billion, a P/E ratio of 14.71, a PEG ratio of 1.17 and a beta of 0.85. Elevance Health, Inc. has a 1 year low of $391.02 and a 1 year high of $567.26. The company’s fifty day moving average is $463.67 and its two-hundred day moving average is $510.08.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 19.56% and a net margin of 3.68%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $8.99 EPS. Analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared 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. This represents a $6.52 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio is presently 23.77%.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.35% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on ELV. TD Cowen reduced their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Truist Financial reiterated a “buy” rating and issued a $520.00 price target (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Raymond James set a $485.00 target price on Elevance Health in a research report on Friday, October 18th. Finally, Royal Bank of Canada lowered their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health 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.