Peterson Financial Group Inc. Purchases New Shares in Elevance Health, Inc. (NYSE:ELV)

Peterson Financial Group Inc. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 85 shares of the company’s stock, valued at approximately $44,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank & Trust Co acquired a new position in shares of Elevance Health in the second quarter worth about $27,000. PSI Advisors LLC acquired a new position in shares of Elevance Health in the 3rd quarter valued at approximately $27,000. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health during the 2nd quarter valued at approximately $28,000. Strategic Financial Concepts LLC acquired a new stake in shares of Elevance Health during the second quarter worth approximately $30,000. Finally, Eastern Bank bought a new stake in shares of Elevance Health in the third quarter worth $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s 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 approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Down 1.6 %

ELV stock opened at $400.69 on Friday. The stock has a market cap of $92.93 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.19 and a beta of 0.85. The firm’s 50-day simple moving average is $475.29 and its 200 day simple moving average is $513.52. Elevance Health, Inc. has a fifty-two week low of $397.98 and a fifty-two 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.

Elevance Health (NYSE:ELV) last announced 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). The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $8.99 EPS. As a group, sell-side analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be given 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 1.63%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Morgan Stanley decreased their price objective 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 reiterated a “buy” rating and issued a $520.00 price target (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Cantor Fitzgerald decreased 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. Finally, Royal Bank of Canada dropped their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has assigned 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.

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.