Amalgamated Bank Boosts Holdings in Elevance Health, Inc. (NYSE:ELV)

Amalgamated Bank grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 47,993 shares of the company’s stock after purchasing an additional 623 shares during the quarter. Amalgamated Bank’s holdings in Elevance Health were worth $24,956,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its stake in Elevance Health by 5.3% in the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after acquiring an additional 190,118 shares during the last quarter. Capital International Investors lifted its stake in Elevance Health by 3.7% in the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after acquiring an additional 123,802 shares during the last quarter. Legal & General Group Plc lifted its stake in Elevance Health by 2.9% in the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after acquiring an additional 64,376 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake 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 acquiring an additional 523,910 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its stake in Elevance Health by 15.5% in 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. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction dated 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 directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Bank of America restated a “neutral” rating and issued a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. TD Cowen lowered 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. Royal Bank of Canada lowered their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Cantor Fitzgerald lowered their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Finally, UBS Group lowered their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $544.53.

Elevance Health Stock Performance

Shares of ELV opened at $417.86 on Tuesday. The company has a 50-day simple moving average of $499.42 and a 200-day simple moving average of $520.76. 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 company has a market capitalization of $96.91 billion, a PE ratio of 15.23, a P/E/G ratio of 1.23 and a beta of 0.85. Elevance Health, Inc. has a 52-week low of $397.98 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly 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). The company had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.99 EPS. Equities research analysts predict that Elevance Health, Inc. will post 32.93 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced 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 is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.56%. Elevance Health’s dividend payout ratio (DPR) is currently 23.77%.

Elevance Health Company 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.