McElhenny Sheffield Capital Management LLC Cuts Stake in Elevance Health, Inc. (NYSE:ELV)

McElhenny Sheffield Capital Management LLC lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 2.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,546 shares of the company’s stock after selling 41 shares during the quarter. Elevance Health comprises approximately 0.3% of McElhenny Sheffield Capital Management LLC’s portfolio, making the stock its 24th biggest position. McElhenny Sheffield Capital Management LLC’s holdings in Elevance Health were worth $804,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Bank & Trust Co purchased a new stake in Elevance Health in the second quarter valued at about $27,000. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health in the 2nd quarter valued at approximately $28,000. Palisade Asset Management LLC acquired a new stake in Elevance Health in the 1st quarter worth approximately $28,000. Register Financial Advisors LLC purchased a new stake in Elevance Health during the 1st quarter worth approximately $32,000. Finally, Crewe Advisors LLC acquired a new position in Elevance Health during the 1st quarter valued at approximately $40,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $430.77 on Monday. The company has a market capitalization of $100.12 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The company’s fifty day moving average price is $526.74 and its 200 day moving average price is $527.81. Elevance Health, Inc. has a 1 year low of $397.98 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the company posted $8.99 EPS. The company’s revenue was up 5.3% on a year-over-year basis. On average, research analysts predict that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Bank of America reiterated a “neutral” rating and set a $530.00 price objective (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. UBS Group lowered their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday. Wells Fargo & Company reissued a “buy” rating on shares of Elevance Health in a report on Friday. Morgan Stanley assumed coverage on Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 target price for the company. Finally, Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $572.27.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the 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 $3,639,915.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

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.