Rockefeller Capital Management L.P. Decreases Stock Position in Elevance Health, Inc. (NYSE:ELV)

Rockefeller Capital Management L.P. decreased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 0.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,403 shares of the company’s stock after selling 418 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Elevance Health were worth $26,210,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Bank & Trust Co purchased a new stake in shares of Elevance Health during the second quarter worth approximately $27,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health in the 3rd quarter valued at $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health in the 2nd quarter valued at $28,000. Strategic Financial Concepts LLC purchased a new stake in shares of Elevance Health during the 2nd quarter worth $30,000. Finally, Eastern Bank acquired a new position in shares of Elevance Health during the third quarter worth $31,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $406.96 on Friday. The firm has a market cap of $94.38 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.20 and a beta of 0.85. Elevance Health, Inc. has a 52-week low of $391.02 and a 52-week high of $567.26. The business’s 50-day moving average price is $446.87 and its 200 day moving average price is $504.38. 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 earnings results 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 net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter last year, the business posted $8.99 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities research analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

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 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 1.60%. Elevance Health’s payout ratio is currently 23.77%.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’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 transaction, the executive vice president now 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 document filed with the SEC, which is accessible through the SEC website. 0.35% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ELV. Truist Financial restated 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. Barclays cut their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Royal Bank of Canada cut their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Finally, Morgan Stanley lowered their target price 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. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.