Kestra Investment Management LLC Invests $710,000 in Elevance Health, Inc. (NYSE:ELV)

Kestra Investment Management LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,365 shares of the company’s stock, valued at approximately $710,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Ocean LLC raised its position in Elevance Health by 6.7% in the 2nd quarter. Private Ocean LLC now owns 348 shares of the company’s stock worth $189,000 after purchasing an additional 22 shares during the last quarter. Hurlow Wealth Management Group Inc. raised its position in shares of Elevance Health by 1.9% during the second quarter. Hurlow Wealth Management Group Inc. now owns 1,229 shares of the company’s stock worth $666,000 after acquiring an additional 23 shares during the last quarter. Cypress Wealth Services LLC lifted its stake in shares of Elevance Health by 3.5% during the third quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock valued at $353,000 after acquiring an additional 23 shares during the period. CVA Family Office LLC boosted its holdings in Elevance Health by 4.2% in the second quarter. CVA Family Office LLC now owns 602 shares of the company’s stock valued at $326,000 after acquiring an additional 24 shares during the last quarter. Finally, FSM Wealth Advisors LLC increased its position in Elevance Health by 4.4% in the second quarter. FSM Wealth Advisors LLC now owns 568 shares of the company’s stock worth $308,000 after purchasing an additional 24 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ELV has been the topic of a number of research reports. Morgan Stanley cut their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. TD Cowen cut their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Raymond James set a $485.00 target price on shares of Elevance Health in a report on Friday, October 18th. Truist Financial reiterated a “buy” rating and set a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Finally, Stephens restated an “underperform” rating on shares of Elevance Health 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 given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Price Performance

NYSE ELV opened at $406.96 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. Elevance Health, Inc. has a 52-week low of $391.02 and a 52-week high of $567.26. The business has a 50 day simple moving average of $446.87 and a 200 day simple moving average of $504.13. The stock has a market cap of $94.38 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 1.21 and a beta of 0.85.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). The company had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $8.99 EPS. Analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued 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 dividend yield of 1.60%. Elevance Health’s payout ratio is presently 23.77%.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.35% of the stock is 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.