Truvestments Capital LLC Invests $90,000 in Elevance Health, Inc. (NYSE:ELV)

Truvestments Capital LLC bought a new position in Elevance Health, Inc. (NYSE:ELV) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 172 shares of the company’s stock, valued at approximately $90,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank & Trust Co bought a new stake in shares of Elevance Health in the 2nd quarter worth about $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health during the 2nd quarter valued at about $28,000. PSI Advisors LLC bought a new stake in shares of Elevance Health during the 3rd quarter valued at about $27,000. Eastern Bank bought a new stake in shares of Elevance Health during the 3rd quarter valued at about $31,000. Finally, Peterson Financial Group Inc. bought a new stake in shares of Elevance Health during the 3rd quarter valued at about $44,000. Institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Down 1.4 %

ELV stock opened at $401.80 on Wednesday. Elevance Health, Inc. has a 12 month low of $391.02 and a 12 month high of $567.26. The firm has a market cap of $93.19 billion, a PE ratio of 14.65, a P/E/G ratio of 1.20 and a beta of 0.85. The firm has a 50 day simple moving average of $454.96 and a 200 day simple moving average of $506.95. 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 earnings results on Thursday, October 17th. The company reported $8.37 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 business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period in the prior year, the company earned $8.99 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities research 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 announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio is presently 23.77%.

Analysts Set New Price Targets

ELV has been the subject of a number of recent research reports. Royal Bank of Canada lowered their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Barclays lowered their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Stephens reissued an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Cantor Fitzgerald reduced their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

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.