Fmr LLC Trims Stake in Elevance Health, Inc. (NYSE:ELV)

Fmr LLC lowered its stake in Elevance Health, Inc. (NYSE:ELV) by 2.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,618,750 shares of the company’s stock after selling 128,083 shares during the quarter. Fmr LLC’s holdings in Elevance Health were worth $2,401,750,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ELV. Bank & Trust Co purchased a new stake in shares of Elevance Health in the second quarter worth $27,000. PSI Advisors LLC bought a new position in Elevance Health during the third quarter valued at $27,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health during the second quarter worth approximately $28,000. Strategic Financial Concepts LLC bought a new stake in shares of Elevance Health in the 2nd quarter valued at approximately $30,000. Finally, Eastern Bank purchased a new position in shares of Elevance Health in the 3rd quarter worth approximately $31,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Trading Up 1.3 %

ELV opened at $407.59 on Tuesday. Elevance Health, Inc. has a 52 week low of $391.02 and a 52 week 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 business has a fifty day simple moving average of $457.79 and a 200-day simple moving average of $507.92. The firm has a market cap of $94.53 billion, a P/E ratio of 14.86, a P/E/G ratio of 1.20 and a beta of 0.85.

Elevance Health (NYSE:ELV) last announced its 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). The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business earned $8.99 earnings per share. On average, equities analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.60%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction 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 SEC, which is accessible through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

ELV has been the topic of a number of research analyst reports. Cantor Fitzgerald cut their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Wells Fargo & Company dropped their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Mizuho cut 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 note on Tuesday, November 5th. Raymond James set a $485.00 price target on Elevance Health in a research note on Friday, October 18th. Finally, UBS Group cut their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. One equities 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

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.