Palmer Knight Co Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Palmer Knight Co lifted its position in Elevance Health, Inc. (NYSE:ELV) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,504 shares of the company’s stock after purchasing an additional 49 shares during the quarter. Elevance Health comprises 2.4% of Palmer Knight Co’s holdings, making the stock its 28th largest position. Palmer Knight Co’s holdings in Elevance Health were worth $5,462,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ELV. Ameriprise Financial Inc. lifted its stake in Elevance Health by 5.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after acquiring an additional 190,118 shares during the period. Capital International Investors raised its holdings in shares of Elevance Health by 3.7% during the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after purchasing an additional 123,802 shares during the last quarter. Legal & General Group Plc lifted its position in Elevance Health by 2.9% during the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock valued at $1,217,607,000 after purchasing an additional 64,376 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after purchasing an additional 523,910 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its position in Elevance Health by 15.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after purchasing an additional 275,708 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ELV. UBS Group decreased their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Royal Bank of Canada dropped their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Wells Fargo & Company decreased their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Cantor Fitzgerald dropped their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Trading Up 0.1 %

ELV stock opened at $429.22 on Friday. The business’s 50-day moving average is $494.37 and its 200 day moving average is $519.32. Elevance Health, Inc. has a 12-month low of $397.98 and a 12-month high of $567.26. The stock has a market cap of $99.54 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 1.24 and a beta of 0.85. 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 issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter in the previous year, the firm posted $8.99 earnings per share. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 32.93 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio is currently 23.77%.

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.