Elevance Health, Inc. (NYSE:ELV) Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 95.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,269 shares of the company’s stock after selling 42,761 shares during the period. Meeder Asset Management Inc.’s holdings in Elevance Health were worth $1,180,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Bank & Trust Co acquired a new position in Elevance Health in the second quarter valued at about $27,000. PSI Advisors LLC purchased a new stake in shares of Elevance Health in the 3rd quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Elevance Health in the 2nd quarter worth approximately $28,000. Strategic Financial Concepts LLC purchased a new position in shares of Elevance Health during the 2nd quarter worth approximately $30,000. Finally, Eastern Bank acquired a new stake in Elevance Health in the 3rd quarter valued at approximately $31,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ELV shares. Royal Bank of Canada decreased their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. UBS Group dropped their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. Finally, 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 report on Monday, October 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $539.20.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated 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 sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $394.20 on Wednesday. Elevance Health, Inc. has a 12 month low of $391.83 and a 12 month high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market cap of $91.42 billion, a P/E ratio of 14.37, a PEG ratio of 1.19 and a beta of 0.85. The firm has a fifty day moving average price of $469.43 and a 200 day moving average price of $511.63.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period in the prior year, the company posted $8.99 earnings per share. The company’s revenue was up 5.3% compared to the same quarter last year. Sell-side analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued 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 1.65%. Elevance Health’s payout ratio is currently 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.