Moran Wealth Management LLC Purchases 365 Shares of Elevance Health, Inc. (NYSE:ELV)

Moran Wealth Management LLC boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 2.2% in the third quarter, Holdings Channel reports. The firm owned 17,063 shares of the company’s stock after acquiring an additional 365 shares during the period. Moran Wealth Management LLC’s holdings in Elevance Health were worth $8,873,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. Portfolio Design Labs LLC grew its stake in Elevance Health by 26.4% in the 3rd quarter. Portfolio Design Labs LLC now owns 6,107 shares of the company’s stock valued at $3,176,000 after buying an additional 1,275 shares during the last quarter. First Horizon Advisors Inc. grew its position in Elevance Health by 6.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 854 shares of the company’s stock worth $444,000 after purchasing an additional 52 shares during the last quarter. Advisors Asset Management Inc. grew its position in Elevance Health by 57.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 8,377 shares of the company’s stock worth $4,356,000 after purchasing an additional 3,054 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Elevance Health by 460.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,923 shares of the company’s stock worth $2,560,000 after purchasing an additional 4,044 shares during the last quarter. Finally, Commerce Bank grew its position in Elevance Health by 15.2% in the 3rd quarter. Commerce Bank now owns 205,790 shares of the company’s stock worth $107,011,000 after purchasing an additional 27,165 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on ELV shares. Mizuho decreased their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Stephens restated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. TD Cowen reduced their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. Raymond James set a $485.00 price objective on shares of Elevance Health in a report on Friday, October 18th. Finally, Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Trading Up 0.8 %

Shares of NYSE ELV opened at $397.48 on Thursday. Elevance Health, Inc. has a 1-year low of $391.02 and a 1-year high of $567.26. The company has a 50-day moving average of $466.51 and a two-hundred day moving average of $510.83. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market cap of $92.18 billion, a PE ratio of 14.49, a P/E/G ratio of 1.19 and a beta of 0.85.

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

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio is currently 23.77%.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’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 completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $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 can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

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.