Fortem Financial Group LLC Reduces Holdings in Elevance Health, Inc. (NYSE:ELV)

Fortem Financial Group LLC reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 7.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,311 shares of the company’s stock after selling 192 shares during the period. Fortem Financial Group LLC’s holdings in Elevance Health were worth $1,202,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its stake in shares of Elevance Health by 1.2% during the third quarter. State Street Corp now owns 10,687,998 shares of the company’s stock worth $5,557,759,000 after buying an additional 129,709 shares during the period. Geode Capital Management LLC lifted its position in Elevance Health by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after acquiring an additional 85,770 shares during the period. Sanders Capital LLC grew its stake in Elevance Health by 1.0% during the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock valued at $2,396,814,000 after purchasing an additional 44,805 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after purchasing an additional 286,905 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Elevance Health by 5.3% during the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after purchasing an additional 190,118 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction 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. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

Elevance Health Price Performance

NYSE:ELV opened at $389.98 on Wednesday. The stock has a 50 day moving average of $431.73 and a two-hundred day moving average of $497.93. Elevance Health, Inc. has a 12 month low of $379.29 and a 12 month high of $567.26. The firm has a market cap of $90.44 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.14 and a beta of 0.83. 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 posted its quarterly earnings data 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 net margin of 3.68% and a return on equity of 19.56%. The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same period in the prior year, the company 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, analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.67%. Elevance Health’s dividend payout ratio is presently 23.77%.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of recent research reports. Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. Cantor Fitzgerald lowered their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Barclays reduced their price objective on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Morgan Stanley lowered their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Finally, Stephens reiterated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $539.20.

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.