Golden State Equity Partners Cuts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Golden State Equity Partners lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 19.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,242 shares of the company’s stock after selling 533 shares during the period. Golden State Equity Partners’ holdings in Elevance Health were worth $1,166,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC raised its position in Elevance Health by 51,967.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock valued at $341,956,000 after purchasing an additional 656,344 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after purchasing an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA increased 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 valued at $1,117,698,000 after purchasing an additional 523,910 shares during the period. M&G Plc purchased a new position in shares of Elevance Health during the first quarter worth about $203,389,000. Finally, Maj Invest Holding A S acquired a new position in Elevance Health in the 2nd quarter valued at about $173,753,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Truist Financial reaffirmed a “buy” rating and set a $520.00 price objective (down previously from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Barclays reduced their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Bank of America reiterated a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Finally, TD Cowen lowered their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. One 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $551.07.

Elevance Health Price Performance

Shares of ELV stock traded up $1.91 during midday trading on Wednesday, reaching $412.48. 57,866 shares of the company were exchanged, compared to its average volume of 1,103,906. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market cap of $95.87 billion, a P/E ratio of 15.52, a PEG ratio of 1.08 and a beta of 0.82. The company’s 50 day moving average price is $509.97 and its two-hundred day moving average price is $523.53.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the company earned $8.99 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, sell-side analysts expect that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Announces Dividend

The business 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 $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.58%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Activity

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s 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 directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 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.