Elevance Health, Inc. (NYSE:ELV) Stake Raised by Wallington Asset Management LLC

Wallington Asset Management LLC grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 26.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 506 shares of the company’s stock after buying an additional 106 shares during the period. Wallington Asset Management LLC’s holdings in Elevance Health were worth $263,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Bank & Trust Co bought a new stake in shares of Elevance Health during the second quarter valued at approximately $27,000. Palisade Asset Management LLC bought a new stake in Elevance Health during the first quarter worth approximately $28,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health during the second quarter worth approximately $28,000. Strategic Financial Concepts LLC bought a new stake in Elevance Health during the second quarter worth approximately $30,000. Finally, Eastern Bank bought a new stake in Elevance Health during the third quarter worth approximately $31,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 1.0 %

NYSE ELV opened at $415.54 on Thursday. Elevance Health, Inc. has a twelve month low of $397.98 and a twelve month high of $567.26. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a market cap of $96.58 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.08 and a beta of 0.82. The firm’s 50 day moving average price is $519.97 and its two-hundred day moving average price is $525.88.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter in the previous year, the firm posted $8.99 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities analysts anticipate that Elevance Health, Inc. will post 37.26 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction 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 of the company’s stock, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on ELV. TD Cowen dropped their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday. Raymond James set a $485.00 target price on Elevance Health in a report on Friday, October 18th. Wells Fargo & Company reissued a “buy” rating on shares of Elevance Health in a report on Friday, October 18th. Royal Bank of Canada dropped their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Finally, Truist Financial reissued a “buy” rating and set a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $551.07.

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.