Avestar Capital LLC Has $620,000 Stake in Elevance Health, Inc. (NYSE:ELV)

Avestar Capital LLC grew its position in Elevance Health, Inc. (NYSE:ELV) by 4.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,193 shares of the company’s stock after acquiring an additional 55 shares during the period. Avestar Capital LLC’s holdings in Elevance Health were worth $620,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ELV shares. Raymond James set a $485.00 price target on shares of Elevance Health in a 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. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. UBS Group lowered their price objective 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. Finally, Royal Bank of Canada cut 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Stock Performance

ELV opened at $401.80 on Wednesday. The company has a market capitalization of $93.19 billion, a price-to-earnings ratio of 14.65, a P/E/G ratio of 1.20 and a beta of 0.85. The business’s 50-day moving average price is $454.96 and its two-hundred day moving average price is $506.95. Elevance Health, Inc. has a 1 year low of $391.02 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $8.99 EPS. Equities analysts expect that Elevance Health, Inc. will post 32.96 EPS 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 of this dividend 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%.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’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 transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.