Elevance Health, Inc. (NYSE:ELV) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 5.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,501 shares of the company’s stock after selling 512 shares during the quarter. Independent Advisor Alliance’s holdings in Elevance Health were worth $4,421,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ELV. Bank & Trust Co acquired a new stake in Elevance Health during the second quarter worth about $27,000. PSI Advisors LLC acquired a new stake in Elevance Health during the third quarter worth about $27,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health during the second quarter worth about $28,000. Strategic Financial Concepts LLC acquired a new stake in Elevance Health during the second quarter worth about $30,000. Finally, Eastern Bank acquired a new stake in Elevance Health during the third quarter worth about $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Cantor Fitzgerald decreased their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Raymond James set a $485.00 target price on Elevance Health in a research note on Friday, October 18th. Barclays lowered their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Finally, Morgan Stanley decreased their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on 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 transaction, 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $402.55 on Monday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $93.36 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.20 and a beta of 0.85. The stock’s fifty day simple moving average is $460.70 and its 200 day simple moving average is $508.84. Elevance Health, Inc. has a 52-week low of $391.02 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (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 company had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the previous year, the firm earned $8.99 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

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