Ruane Cunniff & Goldfarb L.P. Decreases Stock Position in Elevance Health, Inc. (NYSE:ELV)

Ruane Cunniff & Goldfarb L.P. cut its holdings in shares of Elevance Health, Inc. (NYSE:ELVFree Report) by 1.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,004,533 shares of the company’s stock after selling 19,538 shares during the period. Elevance Health comprises approximately 8.2% of Ruane Cunniff & Goldfarb L.P.’s holdings, making the stock its 3rd largest holding. Ruane Cunniff & Goldfarb L.P. owned approximately 0.43% of Elevance Health worth $522,357,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Iridian Asset Management LLC CT boosted its position in Elevance Health by 10.7% in the 3rd quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after buying an additional 3,786 shares during the last quarter. International Assets Investment Management LLC boosted its position in Elevance Health by 85,533.1% in the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after buying an additional 532,016 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Elevance Health by 5.0% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 209,859 shares of the company’s stock valued at $109,127,000 after purchasing an additional 9,916 shares during the period. Seizert Capital Partners LLC lifted its stake in shares of Elevance Health by 26.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 104,229 shares of the company’s stock valued at $54,199,000 after purchasing an additional 21,708 shares during the period. Finally, Mizuho Securities USA LLC lifted its stake in shares of Elevance Health by 185.4% in the 3rd quarter. Mizuho Securities USA LLC now owns 51,153 shares of the company’s stock valued at $26,600,000 after purchasing an additional 33,231 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $402.80 on Thursday. The firm has a market cap of $93.42 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85. The stock’s 50-day moving average is $452.22 and its 200-day moving average is $506.22. Elevance Health, Inc. has a one year low of $391.02 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50.

Elevance Health (NYSE:ELVGet Free Report) last issued 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). The firm 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 quarter last year, the firm earned $8.99 earnings per share. Equities analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company 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. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.62%. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ELV. Royal Bank of Canada cut their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. TD Cowen cut their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. UBS Group cut their price target on 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 note on Friday, October 18th. Finally, Stephens reissued an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Read Our Latest Stock Report on ELV

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

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