Peterson Financial Group Inc. Takes Position in Elevance Health, Inc. (NYSE:ELV)

Peterson Financial Group Inc. purchased a new position in Elevance Health, Inc. (NYSE:ELV) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 85 shares of the company’s stock, valued at approximately $44,000.

Other hedge funds have also recently bought and sold shares of the company. Iridian Asset Management LLC CT grew its holdings in Elevance Health by 10.7% in the third quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after purchasing an additional 3,786 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of Elevance Health by 85,533.1% in the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after buying an additional 532,016 shares in the last quarter. abrdn plc boosted its position in shares of Elevance Health by 32.2% in the 3rd quarter. abrdn plc now owns 360,134 shares of the company’s stock worth $186,540,000 after buying an additional 87,717 shares in the last quarter. AMI Investment Management Inc. purchased a new position in Elevance Health during the 3rd quarter valued at about $1,294,000. Finally, Empowered Funds LLC raised its position in Elevance Health by 24.9% during the third quarter. Empowered Funds LLC now owns 41,965 shares of the company’s stock worth $21,822,000 after acquiring an additional 8,379 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ELV shares. Barclays lowered their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. UBS Group lowered their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Royal Bank of Canada cut their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a 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 research note on Friday, October 18th. Finally, Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Stock Down 1.6 %

Shares of ELV opened at $400.69 on Friday. Elevance Health, Inc. has a fifty-two week low of $397.98 and a fifty-two week high of $567.26. The company’s fifty day moving average is $475.29 and its two-hundred day moving average is $513.52. The firm has a market cap of $92.93 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.19 and a beta of 0.85. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last issued its 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 during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Elevance Health’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $8.99 EPS. Analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors 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 yield of 1.63%. Elevance Health’s payout ratio is 23.77%.

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 stock was sold at an average price of $432.14, for a total value 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 $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.35% of the stock is currently owned by corporate insiders.

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.