Elevance Health, Inc. (NYSE:ELV) Shares Purchased by 140 Summer Partners LP

140 Summer Partners LP raised its stake in Elevance Health, Inc. (NYSE:ELV) by 54.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 133,059 shares of the company’s stock after purchasing an additional 46,800 shares during the period. Elevance Health makes up approximately 7.5% of 140 Summer Partners LP’s holdings, making the stock its 7th biggest position. 140 Summer Partners LP’s holdings in Elevance Health were worth $69,191,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Kennedy Capital Management LLC bought a new position in Elevance Health during the first quarter valued at about $3,309,000. B. Riley Wealth Advisors Inc. increased its position in shares of Elevance Health by 6.4% during the first quarter. B. Riley Wealth Advisors Inc. now owns 2,855 shares of the company’s stock valued at $1,480,000 after purchasing an additional 172 shares during the period. Tidal Investments LLC increased its position in shares of Elevance Health by 5.2% during the first quarter. Tidal Investments LLC now owns 6,229 shares of the company’s stock valued at $3,230,000 after purchasing an additional 310 shares during the period. Virtu Financial LLC acquired a new position in shares of Elevance Health in the first quarter valued at $1,954,000. Finally, Atria Investments Inc lifted its position in Elevance Health by 4.0% in the first quarter. Atria Investments Inc now owns 19,898 shares of the company’s stock worth $10,318,000 after purchasing an additional 765 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s 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 transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ELV shares. Royal Bank of Canada dropped their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. TD Cowen dropped their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. UBS Group decreased their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Mizuho dropped their target price on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Finally, Stephens reaffirmed 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 assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Stock Performance

Elevance Health stock opened at $402.80 on Thursday. The stock has a 50-day simple moving average of $452.22 and a 200 day simple moving average of $506.22. The stock has a market capitalization of $93.42 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.21 and a beta of 0.85. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 12-month low of $391.02 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV) last announced its earnings results 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 19.56% and a net margin of 3.68%. The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the firm posted $8.99 earnings per share. The company’s revenue was up 5.3% on a year-over-year basis. On average, research analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be given a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.62%. Elevance Health’s payout ratio is 23.77%.

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.