Rench Wealth Management Inc. Acquires 793 Shares of Elevance Health, Inc. (NYSE:ELV)

Rench Wealth Management Inc. increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,551 shares of the company’s stock after buying an additional 793 shares during the quarter. Elevance Health accounts for about 1.9% of Rench Wealth Management Inc.’s holdings, making the stock its 24th biggest holding. Rench Wealth Management Inc.’s holdings in Elevance Health were worth $5,486,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sanders Capital LLC lifted its position in shares of Elevance Health by 1.0% during the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after buying an additional 44,805 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Elevance Health by 5.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after buying an additional 190,118 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Elevance Health by 16.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after buying an additional 334,552 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Elevance Health by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after buying an additional 64,376 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Elevance Health by 1.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,152,613 shares of the company’s stock worth $1,119,359,000 after buying an additional 31,740 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Price Performance

Shares of ELV opened at $400.19 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 debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The company has a market capitalization of $92.81 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.22 and a beta of 0.83. The business has a 50-day moving average of $439.60 and a 200-day moving average of $501.50.

Elevance Health (NYSE:ELV) last released its 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 period in the prior year, the business earned $8.99 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors 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 annualized dividend and a yield of 1.63%. Elevance Health’s dividend payout ratio is currently 23.77%.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.35% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on ELV shares. Cantor Fitzgerald dropped their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Raymond James set a $485.00 target price on Elevance Health in a research report on Friday, October 18th. UBS Group dropped their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Finally, TD Cowen dropped their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Company 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.