Elevance Health, Inc. (NYSE:ELV) Shares Acquired by Summit Global Investments

Summit Global Investments lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 1.9% during the third quarter, Holdings Channel.com reports. The fund owned 27,516 shares of the company’s stock after acquiring an additional 505 shares during the period. Elevance Health accounts for approximately 0.9% of Summit Global Investments’ holdings, making the stock its 20th biggest holding. Summit Global Investments’ holdings in Elevance Health were worth $14,308,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ELV. Catalytic Wealth RIA LLC acquired a new stake in Elevance Health during the 1st quarter worth about $291,000. Norden Group LLC acquired a new stake in shares of Elevance Health during the first quarter worth about $227,000. Envestnet Portfolio Solutions Inc. boosted its position in Elevance Health by 12.7% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 31,289 shares of the company’s stock valued at $16,225,000 after buying an additional 3,524 shares during the last quarter. SG Americas Securities LLC increased its holdings in Elevance Health by 264.7% in the 1st quarter. SG Americas Securities LLC now owns 32,584 shares of the company’s stock worth $16,896,000 after buying an additional 23,649 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Elevance Health during the 1st quarter worth approximately $822,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Up 0.1 %

ELV stock opened at $429.22 on Friday. Elevance Health, Inc. has a 52 week low of $397.98 and a 52 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. The firm has a 50-day simple moving average of $494.37 and a 200-day simple moving average of $519.32. The stock has a market capitalization of $99.54 billion, a P/E ratio of 15.65, a P/E/G ratio of 1.24 and a beta of 0.85.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data 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 for 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%. Elevance Health’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $8.99 earnings per share. Equities analysts forecast that Elevance Health, Inc. will post 32.93 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a $1.63 dividend. 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 1.52%. Elevance Health’s payout ratio is currently 23.77%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ELV. UBS Group cut their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Cantor Fitzgerald cut their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Morgan Stanley lowered their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Finally, TD Cowen reduced their price target 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 analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

Insider Buying and Selling 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 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 owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by insiders.

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.