Wishbone Management LP Has $71.76 Million Position in Elevance Health, Inc. (NYSE:ELV)

Wishbone Management LP reduced its holdings in Elevance Health, Inc. (NYSE:ELV) by 9.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 138,000 shares of the company’s stock after selling 15,000 shares during the period. Elevance Health comprises approximately 25.7% of Wishbone Management LP’s portfolio, making the stock its 2nd largest holding. Wishbone Management LP’s holdings in Elevance Health were worth $71,760,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Pathway Financial Advisers LLC raised its position in shares of Elevance Health by 51,967.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after purchasing an additional 656,344 shares during the period. International Assets Investment Management LLC increased 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 buying an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA increased its position in Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after buying an additional 523,910 shares during the period. Maj Invest Holding A S acquired a new position in shares of Elevance Health during the second quarter valued at $173,753,000. Finally, First Eagle Investment Management LLC grew its position in shares of Elevance Health by 15.5% during the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after acquiring an additional 275,708 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. UBS Group cut their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Truist Financial reissued a “buy” rating and set a $520.00 price target (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Wells Fargo & Company reduced their price objective on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Finally, Mizuho lowered their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus 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 business’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 directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

NYSE ELV opened at $402.80 on Thursday. The stock has a market capitalization of $93.42 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.21 and a beta of 0.85. 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 business’s fifty day moving average is $452.22 and its two-hundred day moving average is $506.22. Elevance Health, Inc. has a 1 year low of $391.02 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. 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 firm posted $8.99 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, research analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors 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 yield of 1.62%. Elevance Health’s payout ratio is 23.77%.

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.