Elevance Health, Inc. (NYSE:ELV) Position Increased by Moran Wealth Management LLC

Moran Wealth Management LLC raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 2.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,063 shares of the company’s stock after purchasing an additional 365 shares during the period. Moran Wealth Management LLC’s holdings in Elevance Health were worth $8,873,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ELV. Iridian Asset Management LLC CT boosted its holdings in shares of Elevance Health by 10.7% during the third quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after acquiring an additional 3,786 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Elevance Health by 85,533.1% during the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after acquiring an additional 532,016 shares during the period. Mizuho Securities USA LLC lifted its holdings in Elevance Health by 185.4% in the third quarter. Mizuho Securities USA LLC now owns 51,153 shares of the company’s stock worth $26,600,000 after purchasing an additional 33,231 shares during the period. Seizert Capital Partners LLC lifted its holdings in Elevance Health by 26.3% in the third quarter. Seizert Capital Partners LLC now owns 104,229 shares of the company’s stock worth $54,199,000 after purchasing an additional 21,708 shares during the period. Finally, abrdn plc lifted its holdings in Elevance Health by 32.2% in the third quarter. abrdn plc now owns 360,134 shares of the company’s stock worth $186,540,000 after purchasing an additional 87,717 shares during the period. Institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald reduced their price objective 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. Barclays reduced their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Mizuho reduced their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Morgan Stanley dropped their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company dropped their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $539.20.

Insider Activity

In related 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 stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.29% of the stock is owned by corporate insiders.

Elevance Health Price Performance

NYSE ELV opened at $397.48 on Thursday. The stock’s 50-day moving average price is $466.51 and its two-hundred day moving average price is $510.83. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market cap of $92.18 billion, a PE ratio of 14.49, a PEG ratio of 1.19 and a beta of 0.85. Elevance Health, Inc. has a 1 year low of $391.02 and a 1 year high of $567.26.

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 business 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 for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.99 EPS. On average, analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.64%. Elevance Health’s dividend payout ratio is 23.77%.

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.