Camden National Bank Has $2.86 Million Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Camden National Bank lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,494 shares of the company’s stock after selling 57 shares during the quarter. Camden National Bank’s holdings in Elevance Health were worth $2,857,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ELV. CreativeOne Wealth LLC raised its holdings in shares of Elevance Health by 41.5% in the 1st quarter. CreativeOne Wealth LLC now owns 1,112 shares of the company’s stock worth $577,000 after buying an additional 326 shares in the last quarter. Axxcess Wealth Management LLC raised its stake in Elevance Health by 30.5% during the first quarter. Axxcess Wealth Management LLC now owns 1,679 shares of the company’s stock worth $871,000 after acquiring an additional 392 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Elevance Health by 12.6% during the first quarter. Advisors Asset Management Inc. now owns 4,513 shares of the company’s stock valued at $2,340,000 after acquiring an additional 505 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Elevance Health by 12.3% in the 1st quarter. Lazard Asset Management LLC now owns 142,757 shares of the company’s stock valued at $74,023,000 after purchasing an additional 15,586 shares in the last quarter. Finally, Magnetar Financial LLC bought a new stake in shares of Elevance Health in the 1st quarter worth about $648,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Down 0.3 %

Shares of Elevance Health stock opened at $402.55 on Friday. Elevance Health, Inc. has a 52-week low of $391.02 and a 52-week high of $567.26. 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 50 day simple moving average is $460.70 and its 200 day simple moving average is $509.20. The firm has a market cap of $93.36 billion, a PE ratio of 14.68, a P/E/G ratio of 1.17 and a beta of 0.85.

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 return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the firm earned $8.99 EPS. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, 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 declared 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 is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.62%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ELV. Raymond James set a $485.00 price target on Elevance Health in a research report on Friday, October 18th. Morgan Stanley lowered their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Barclays reduced their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Truist Financial reaffirmed a “buy” rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Finally, Mizuho reduced 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 report on Tuesday, November 5th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction 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 in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.35% of the company’s stock.

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.