Martingale Asset Management L P Sells 11,423 Shares of Elevance Health, Inc. (NYSE:ELV)

Martingale Asset Management L P reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 15.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 61,477 shares of the company’s stock after selling 11,423 shares during the period. Martingale Asset Management L P’s holdings in Elevance Health were worth $31,968,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Bank & Trust Co acquired a new stake in Elevance Health in the 2nd quarter worth $27,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health during the 3rd quarter valued at about $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the 2nd quarter valued at about $28,000. Strategic Financial Concepts LLC acquired a new stake in shares of Elevance Health during the 2nd quarter valued at about $30,000. Finally, Eastern Bank acquired a new stake in shares of Elevance Health during the 3rd quarter valued at about $31,000. 89.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ELV has been the topic of several recent research reports. Mizuho decreased their target price 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. TD Cowen decreased their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Cantor Fitzgerald cut their price target 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. Finally, Morgan Stanley cut 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Trading Up 0.2 %

ELV stock opened at $402.75 on Friday. 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 company’s 50-day simple moving average is $449.52 and its 200 day simple moving average is $505.51. Elevance Health, Inc. has a 52 week low of $391.02 and a 52 week high of $567.26. The company has a market capitalization of $93.41 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 1.21 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 EPS 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 last year, the company posted $8.99 earnings per share. The company’s revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid a dividend of $1.63 per share. 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 1.62%. Elevance Health’s payout ratio is 23.77%.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.29% of the company’s stock.

Elevance Health 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.