Alpha DNA Investment Management LLC Grows Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Alpha DNA Investment Management LLC lifted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 6.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,010 shares of the company’s stock after purchasing an additional 232 shares during the period. Elevance Health accounts for approximately 0.8% of Alpha DNA Investment Management LLC’s portfolio, making the stock its 20th largest position. Alpha DNA Investment Management LLC’s holdings in Elevance Health were worth $2,085,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Advisors Asset Management Inc. boosted its holdings in Elevance Health by 12.6% in 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 in the last quarter. Magnetar Financial LLC bought a new position in Elevance Health in the first quarter worth about $648,000. Bamco Inc. NY lifted its holdings in Elevance Health by 34.3% in the first quarter. Bamco Inc. NY now owns 9,000 shares of the company’s stock worth $4,667,000 after buying an additional 2,300 shares during the period. Mount Yale Investment Advisors LLC raised its position in shares of Elevance Health by 6.8% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 3,830 shares of the company’s stock worth $1,986,000 after acquiring an additional 245 shares in the last quarter. Finally, Ascent Group LLC boosted its position in shares of Elevance Health by 311.0% during the first quarter. Ascent Group LLC now owns 3,765 shares of the company’s stock valued at $1,952,000 after purchasing an additional 2,849 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Trading Down 0.3 %

Shares of Elevance Health stock opened at $402.55 on Friday. Elevance Health, Inc. has a 1-year low of $391.02 and a 1-year high of $567.26. The company’s fifty day simple moving average is $460.70 and its 200-day simple moving average is $509.01. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The stock has a market capitalization of $93.36 billion, a PE ratio of 14.68, a P/E/G ratio of 1.20 and a beta of 0.85.

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 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 company had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the firm posted $8.99 EPS. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared 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 1.62%. Elevance Health’s dividend payout ratio is presently 23.77%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Royal Bank of Canada reduced their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Cantor Fitzgerald cut their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Wells Fargo & Company lowered their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. TD Cowen decreased their target price 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. Finally, Truist Financial reaffirmed 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. 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and an average price target of $539.20.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on 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 owns 8,423 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.35% of the stock is currently owned by company insiders.

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.