Advisors Asset Management Inc. Purchases 3,054 Shares of Elevance Health, Inc. (NYSE:ELV)

Advisors Asset Management Inc. raised its holdings in Elevance Health, Inc. (NYSE:ELV) by 57.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 8,377 shares of the company’s stock after purchasing an additional 3,054 shares during the period. Advisors Asset Management Inc.’s holdings in Elevance Health were worth $4,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in ELV. Bank & Trust Co bought a new stake in Elevance Health in the second quarter valued at about $27,000. PSI Advisors LLC bought a new stake in shares of Elevance Health in the 3rd quarter valued at approximately $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health in the 2nd quarter valued at approximately $28,000. Strategic Financial Concepts LLC acquired a new position in shares of Elevance Health in the 2nd quarter worth approximately $30,000. Finally, Eastern Bank bought a new position in shares of Elevance Health during the 3rd quarter worth approximately $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the subject of several recent analyst reports. Barclays dropped their price objective on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Cantor Fitzgerald cut their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Wells Fargo & Company decreased their price objective on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. TD Cowen cut their target price 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, October 21st. Finally, Raymond James set a $485.00 target price on Elevance Health in a report 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 given a strong buy rating to the company. According to data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Insider Buying and Selling at Elevance Health

In other Elevance Health 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 value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $402.55 on Friday. The stock has a market capitalization of $93.36 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.17 and a beta of 0.85. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 1-year low of $391.02 and a 1-year high of $567.26. The business has a 50-day moving average price of $460.70 and a two-hundred day moving average price of $509.20.

Elevance Health (NYSE:ELV) last announced 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). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the prior year, the company earned $8.99 earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.62%. Elevance Health’s dividend payout ratio is presently 23.77%.

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.