Granite Harbor Advisors Inc. Has $2.07 Million Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Granite Harbor Advisors Inc. grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,971 shares of the company’s stock after acquiring an additional 48 shares during the quarter. Elevance Health accounts for 1.2% of Granite Harbor Advisors Inc.’s portfolio, making the stock its 22nd largest holding. Granite Harbor Advisors Inc.’s holdings in Elevance Health were worth $2,065,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Professional Financial Advisors LLC bought a new stake in shares of Elevance Health in the third quarter valued at approximately $1,238,000. CHICAGO TRUST Co NA lifted its position in Elevance Health by 110.2% in the third quarter. CHICAGO TRUST Co NA now owns 1,667 shares of the company’s stock worth $867,000 after purchasing an additional 874 shares during the period. Exchange Traded Concepts LLC lifted its position in Elevance Health by 50.8% in the third quarter. Exchange Traded Concepts LLC now owns 1,970 shares of the company’s stock worth $1,024,000 after purchasing an additional 664 shares during the period. Asio Capital LLC lifted its position in Elevance Health by 2.4% in the third quarter. Asio Capital LLC now owns 9,689 shares of the company’s stock worth $5,038,000 after purchasing an additional 229 shares during the period. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH bought a new position in Elevance Health in the third quarter worth $204,000. 89.24% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ELV has been the subject of several research reports. Wells Fargo & Company reduced their target price on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Stephens reaffirmed an “overweight” rating and issued a $615.00 target price on shares of Elevance Health in a research report on Thursday, September 5th. Cantor Fitzgerald reissued an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a report on Tuesday, October 1st. TD Cowen cut their price objective on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a report on Friday, July 19th. Finally, Barclays lifted their price objective on Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Elevance Health currently has an average rating of “Buy” and an average price target of $605.07.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock worth $17,588,116 in the last 90 days. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Trading Up 0.7 %

ELV traded up $3.51 during midday trading on Monday, reaching $505.39. 117,937 shares of the company were exchanged, compared to its average volume of 1,015,821. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. Elevance Health, Inc. has a one year low of $435.99 and a one year high of $567.26. The stock has a market capitalization of $117.46 billion, a P/E ratio of 18.97, a PEG ratio of 1.08 and a beta of 0.82. The stock’s 50-day simple moving average is $531.94 and its 200 day simple moving average is $529.15.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. During the same quarter last year, the business earned $9.04 earnings per share. The company’s revenue was down .4% compared to the same quarter last year. As a group, analysts forecast that Elevance Health, Inc. will post 37.26 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. The ex-dividend date of this dividend was Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

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.