HighVista Strategies LLC Purchases New Position in Elevance Health, Inc. (NYSE:ELV)

HighVista Strategies LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV) during the third quarter, Holdings Channel reports. The institutional investor purchased 2,500 shares of the company’s stock, valued at approximately $1,300,000.

Other hedge funds have also modified their holdings of the company. PSI Advisors LLC acquired a new stake in shares of Elevance Health in the 3rd quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health during the 2nd quarter worth approximately $28,000. Strategic Financial Concepts LLC acquired a new stake in Elevance Health during the 2nd quarter worth approximately $30,000. Eastern Bank acquired a new stake in Elevance Health during the 3rd quarter worth approximately $31,000. Finally, Peterson Financial Group Inc. acquired a new stake in Elevance Health during the 3rd quarter worth approximately $44,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on ELV shares. Truist Financial restated a “buy” rating and set a $520.00 target price (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Morgan Stanley decreased their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Cantor Fitzgerald decreased their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Finally, Mizuho decreased their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Price Performance

ELV opened at $410.39 on Tuesday. Elevance Health, Inc. has a fifty-two week low of $391.02 and a fifty-two week high of $567.26. The firm has a 50-day moving average of $446.87 and a 200 day moving average of $504.13. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market cap of $95.18 billion, a P/E ratio of 14.96, a PEG ratio of 1.21 and a beta of 0.85.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results 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 business had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the firm earned $8.99 EPS. On average, research analysts expect that Elevance Health, Inc. will post 32.96 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 $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is 23.77%.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction dated 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 $3,639,915.22. The trade was a 46.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is currently owned by corporate insiders.

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.