Fmr LLC Sells 128,083 Shares of Elevance Health, Inc. (NYSE:ELV)

Fmr LLC lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 2.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,618,750 shares of the company’s stock after selling 128,083 shares during the period. Fmr LLC owned 1.99% of Elevance Health worth $2,401,750,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. Ameriprise Financial Inc. raised its stake in Elevance Health by 5.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after acquiring an additional 190,118 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock valued at $1,246,574,000 after purchasing an additional 334,552 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Elevance Health by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after buying an additional 64,376 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Elevance Health by 8.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,091,969 shares of the company’s stock worth $1,087,824,000 after buying an additional 159,742 shares during the period. Finally, First Eagle Investment Management LLC grew its stake in Elevance Health by 15.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after buying an additional 275,708 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada reduced their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Stephens reissued an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Truist Financial restated a “buy” rating and issued a $520.00 price target (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Finally, Raymond James set a $485.00 price objective on shares of Elevance Health in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Stock Performance

NYSE ELV opened at $407.59 on Tuesday. Elevance Health, Inc. has a twelve month low of $391.02 and a twelve month high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The stock has a fifty day simple moving average of $457.79 and a 200 day simple moving average of $507.92. The company has a market capitalization of $94.53 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 1.20 and a beta of 0.85.

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

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders 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 dividend on an annualized basis and a yield of 1.60%. Elevance Health’s dividend payout ratio is presently 23.77%.

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.