Synovus Financial Corp Purchases 40 Shares of Elevance Health, Inc. (NYSE:ELV)

Synovus Financial Corp increased its position in Elevance Health, Inc. (NYSE:ELV) by 0.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,211 shares of the company’s stock after acquiring an additional 40 shares during the quarter. Synovus Financial Corp’s holdings in Elevance Health were worth $4,269,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ELV. Tidal Investments LLC grew its position in shares of Elevance Health by 60.6% in the third quarter. Tidal Investments LLC now owns 10,485 shares of the company’s stock valued at $5,452,000 after purchasing an additional 3,956 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Elevance Health in the 3rd quarter valued at approximately $2,377,000. World Investment Advisors LLC acquired a new stake in Elevance Health in the 3rd quarter valued at approximately $8,855,000. Anchor Investment Management LLC increased its position in Elevance Health by 22.9% in the 3rd quarter. Anchor Investment Management LLC now owns 6,098 shares of the company’s stock worth $3,171,000 after buying an additional 1,135 shares during the period. Finally, Tudor Financial Inc. acquired a new position in shares of Elevance Health during the third quarter worth approximately $235,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Trading Up 0.8 %

Shares of ELV stock opened at $381.41 on Friday. The company has a market capitalization of $88.46 billion, a P/E ratio of 13.90, a P/E/G ratio of 1.15 and a beta of 0.83. Elevance Health, Inc. has a 12-month low of $375.29 and a 12-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 firm has a 50-day moving average price of $422.32 and a 200 day moving average price of $494.26.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) 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 the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $8.99 EPS. Research analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal 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 dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is presently 23.77%.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were 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 in the company, valued at approximately $3,639,915.22. This represents 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 accessible through this link. 0.35% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ELV has been the topic of a number of research reports. UBS Group dropped their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Stephens restated an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Cantor Fitzgerald reduced their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Morgan Stanley decreased their target price on 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, TD Cowen cut their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a 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. According to data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

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.