Portfolio Design Labs LLC Grows Holdings in Elevance Health, Inc. (NYSE:ELV)

Portfolio Design Labs LLC lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 26.4% in the third quarter, HoldingsChannel.com reports. The fund owned 6,107 shares of the company’s stock after acquiring an additional 1,275 shares during the quarter. Elevance Health accounts for approximately 0.9% of Portfolio Design Labs LLC’s portfolio, making the stock its 29th largest position. Portfolio Design Labs LLC’s holdings in Elevance Health were worth $3,176,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ELV. Bank & Trust Co purchased a new stake in shares of Elevance Health in the 2nd quarter valued at $27,000. PSI Advisors LLC purchased a new stake in Elevance Health during the third quarter valued at about $27,000. Opal Wealth Advisors LLC bought a new position in shares of Elevance Health during the second quarter valued at about $28,000. Strategic Financial Concepts LLC purchased a new position in shares of Elevance Health in the second quarter worth about $30,000. Finally, Eastern Bank bought a new stake in shares of Elevance Health in the 3rd quarter valued at about $31,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’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 transaction of $3,205,182.38. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Royal Bank of Canada reduced their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Barclays cut their target price on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Truist Financial reiterated a “buy” rating and set a $520.00 price target (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. TD Cowen cut their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Finally, Morgan Stanley decreased their price objective 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. One research analyst has rated the stock with a sell rating, two have assigned 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, the company has an average rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Stock Performance

Elevance Health stock opened at $394.20 on Wednesday. Elevance Health, Inc. has a fifty-two week low of $391.83 and a fifty-two week high of $567.26. The stock’s 50 day simple moving average is $469.43 and its two-hundred day simple moving average is $511.63. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The stock has a market cap of $91.42 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.19 and a beta of 0.85.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate 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 net margin of 3.68% and a return on equity of 19.56%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.99 earnings per share. As a group, analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.65%. Elevance Health’s payout ratio is 23.77%.

About Elevance Health

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.