Valley Wealth Managers Inc. Has $19.50 Million Holdings in Elevance Health, Inc. (NYSE:ELV)

Valley Wealth Managers Inc. grew its stake in Elevance Health, Inc. (NYSE:ELV) by 0.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,503 shares of the company’s stock after buying an additional 52 shares during the period. Valley Wealth Managers Inc.’s holdings in Elevance Health were worth $19,502,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pathway Financial Advisers LLC lifted its position in shares of Elevance Health by 51,967.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after purchasing an additional 656,344 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after purchasing an additional 532,016 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares during the last quarter. M&G Plc bought a new position in Elevance Health during the first quarter valued at about $203,389,000. Finally, Maj Invest Holding A S bought a new position in Elevance Health during the second quarter valued at about $173,753,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the topic of several research reports. Bank of America restated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Truist Financial restated a “buy” rating and set a $520.00 price target (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Cantor Fitzgerald lowered their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Wells Fargo & Company lowered their price target on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Finally, Morgan Stanley lowered their price target 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Price Performance

NYSE ELV traded down $3.58 during trading hours on Friday, reaching $403.46. 59,485 shares of the company’s stock were exchanged, compared to its average volume of 1,153,366. The stock has a market cap of $93.57 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 1.22 and a beta of 0.85. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26. The firm has a fifty day moving average of $478.13 and a 200-day moving average of $514.55. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56.

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

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders 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 dividend yield of 1.62%. Elevance Health’s payout ratio is currently 23.77%.

Insider Transactions at Elevance Health

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 stock was 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 in the company, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.35% of the stock is currently owned by corporate insiders.

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.