Townsquare Capital LLC Purchases 517 Shares of Elevance Health, Inc. (NYSE:ELV)

Townsquare Capital LLC increased its position in Elevance Health, Inc. (NYSE:ELV) by 6.3% in the 3rd quarter, Holdings Channel reports. The firm owned 8,727 shares of the company’s stock after buying an additional 517 shares during the quarter. Townsquare Capital LLC’s holdings in Elevance Health were worth $4,538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of ELV. Sanders Capital LLC lifted its holdings in shares of Elevance Health by 1.0% during the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after acquiring an additional 44,805 shares during the period. Ameriprise Financial Inc. raised its position in Elevance Health by 5.3% in the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after purchasing an additional 190,118 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Elevance Health by 16.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after purchasing an additional 334,552 shares during the period. Legal & General Group Plc lifted its stake in Elevance Health by 2.9% during the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after purchasing an additional 64,376 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Elevance Health by 8.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,091,969 shares of the company’s stock valued at $1,087,824,000 after purchasing an additional 159,742 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

ELV stock opened at $402.75 on Friday. The company has a 50 day moving average price of $449.52 and a 200 day moving average price of $505.51. Elevance Health, Inc. has a fifty-two week low of $391.02 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The stock has a market capitalization of $93.41 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85.

Elevance Health (NYSE:ELV) last released 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 for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.99 EPS. Analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio is 23.77%.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health 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 completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ELV has been the subject of several analyst reports. TD Cowen cut their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Mizuho dropped their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. Finally, 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 report on Friday, October 18th. One investment 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $539.20.

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.