Golden State Equity Partners Sells 533 Shares of Elevance Health, Inc. (NYSE:ELV)

Golden State Equity Partners lowered its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 19.2% during the third quarter, Holdings Channel reports. The institutional investor owned 2,242 shares of the company’s stock after selling 533 shares during the quarter. Golden State Equity Partners’ holdings in Elevance Health were worth $1,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its stake in Elevance Health by 8.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,344 shares of the company’s stock valued at $5,882,000 after buying an additional 877 shares in the last quarter. Claro Advisors LLC grew its holdings in shares of Elevance Health by 23.7% in the 1st quarter. Claro Advisors LLC now owns 584 shares of the company’s stock worth $303,000 after purchasing an additional 112 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Elevance Health by 3.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 85,708 shares of the company’s stock worth $44,443,000 after purchasing an additional 2,926 shares in the last quarter. Norden Group LLC bought a new position in Elevance Health during the 1st quarter valued at about $3,486,000. Finally, First Trust Direct Indexing L.P. boosted its position in Elevance Health by 7.1% in the first quarter. First Trust Direct Indexing L.P. now owns 8,267 shares of the company’s stock valued at $4,287,000 after buying an additional 545 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Up 0.5 %

ELV traded up $1.91 during trading on Wednesday, hitting $412.48. The company had a trading volume of 57,866 shares, compared to its average volume of 1,103,906. The company has a market capitalization of $95.87 billion, a PE ratio of 15.52, a PEG ratio of 1.08 and a beta of 0.82. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26. The firm’s 50-day moving average price is $509.97 and its 200 day moving average price is $523.53.

Elevance Health (NYSE:ELV) last issued its quarterly 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 3.89% and a return on equity of 20.64%. The firm had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter last year, the firm earned $8.99 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities analysts expect that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.58%. Elevance Health’s payout ratio is currently 24.64%.

Wall Street Analyst Weigh In

ELV has been the subject of several recent analyst reports. Cantor Fitzgerald dropped 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 dropped their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. UBS Group reduced their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Royal Bank of Canada lowered their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Finally, Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $551.07.

Insiders Place Their Bets

In other 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 completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the 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 completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

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.