Elevance Health, Inc. (NYSE:ELV) Stock Position Raised by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc boosted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,945 shares of the company’s stock after buying an additional 47 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Elevance Health were worth $1,531,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Bank & Trust Co acquired a new stake in shares of Elevance Health in the second quarter worth $27,000. PSI Advisors LLC acquired a new stake in Elevance Health during the 3rd quarter worth about $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health during the 2nd quarter valued at about $28,000. Strategic Financial Concepts LLC acquired a new position in shares of Elevance Health in the 2nd quarter valued at about $30,000. Finally, Eastern Bank purchased a new stake in shares of Elevance Health in the third quarter worth approximately $31,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Shares of ELV opened at $407.04 on Friday. The company has a market capitalization of $94.40 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 1.23 and a beta of 0.85. 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, Inc. has a one year low of $397.98 and a one year high of $567.26. The company’s fifty day moving average price is $480.88 and its 200 day moving average price is $515.30.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter in the previous year, the firm posted $8.99 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

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. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.60%. Elevance Health’s dividend payout ratio is 23.77%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ELV shares. Royal Bank of Canada lowered 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 report on Friday, October 18th. Barclays dropped their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Bank of America reissued a “neutral” rating and set a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Cantor Fitzgerald cut their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Finally, Morgan Stanley reduced their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have issued 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 stock currently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Transactions at Elevance Health

In related 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 trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.