Northwest & Ethical Investments L.P. Sells 1,149 Shares of Elevance Health, Inc. (NYSE:ELV)

Northwest & Ethical Investments L.P. trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 6.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,977 shares of the company’s stock after selling 1,149 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Elevance Health were worth $8,308,000 at the end of the most recent quarter.

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

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.29% of the company’s stock.

Elevance Health Trading Up 0.2 %

Shares of ELV stock opened at $402.75 on Friday. 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 12-month low of $391.02 and a 12-month high of $567.26. The stock has a market capitalization of $93.41 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.21 and a beta of 0.85. The firm’s 50 day moving average is $449.52 and its 200 day moving average is $505.51.

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

Elevance Health Dividend Announcement

The firm 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 dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Analyst Upgrades and Downgrades

ELV has been the subject of several recent research reports. TD Cowen lowered their target price 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. Wells Fargo & Company lowered their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Stephens reissued an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Barclays lowered their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Finally, Raymond James set a $485.00 price objective 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 issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

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.