MIG Capital LLC Cuts Holdings in Elevance Health, Inc. (NYSE:ELV)

MIG Capital LLC lessened its stake in Elevance Health, Inc. (NYSE:ELV) by 10.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 94,458 shares of the company’s stock after selling 11,065 shares during the period. Elevance Health accounts for 6.0% of MIG Capital LLC’s portfolio, making the stock its 8th biggest holding. MIG Capital LLC’s holdings in Elevance Health were worth $49,118,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of ELV. American Trust raised its position in shares of Elevance Health by 2.6% during the first quarter. American Trust now owns 775 shares of the company’s stock worth $402,000 after purchasing an additional 20 shares during the period. Private Ocean LLC raised its holdings in Elevance Health by 6.7% during the 2nd quarter. Private Ocean LLC now owns 348 shares of the company’s stock worth $189,000 after buying an additional 22 shares during the period. Hurlow Wealth Management Group Inc. lifted its stake in Elevance Health by 1.9% during the second quarter. Hurlow Wealth Management Group Inc. now owns 1,229 shares of the company’s stock valued at $666,000 after buying an additional 23 shares in the last quarter. Cypress Wealth Services LLC boosted its holdings in shares of Elevance Health by 3.5% in the third quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock worth $353,000 after buying an additional 23 shares during the period. Finally, CVA Family Office LLC increased its position in shares of Elevance Health by 4.2% in the second quarter. CVA Family Office LLC now owns 602 shares of the company’s stock worth $326,000 after acquiring an additional 24 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Ratings Changes

ELV has been the topic of several recent analyst reports. Barclays dropped their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. UBS Group dropped their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Morgan Stanley decreased their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Truist Financial reaffirmed a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Finally, Stephens reiterated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. One investment 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $539.20.

Insider Buying and Selling

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. 0.29% of the stock is owned by insiders.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $402.80 on Thursday. The stock has a market capitalization of $93.42 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.21 and a beta of 0.85. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 1-year low of $391.02 and a 1-year high of $567.26. The business has a 50-day moving average price of $452.22 and a two-hundred day moving average price of $506.22.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data 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). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the prior year, the company earned $8.99 earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given 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 1.62%. Elevance Health’s dividend payout ratio is currently 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.