Zacks Investment Management Invests $511,000 in Elevance Health, Inc. (NYSE:ELV)

Zacks Investment Management acquired a new position in Elevance Health, Inc. (NYSE:ELV) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 983 shares of the company’s stock, valued at approximately $511,000.

Other institutional investors have also recently made changes to their positions in the company. Pathway Financial Advisers LLC raised its stake in Elevance Health by 51,967.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after acquiring an additional 656,344 shares during the period. Stifel Financial Corp raised its stake in Elevance Health by 309.7% during the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock worth $370,794,000 after acquiring an additional 538,978 shares during the period. International Assets Investment Management LLC raised its stake in Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after acquiring an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after acquiring an additional 523,910 shares during the period. Finally, Wellington Management Group LLP raised its stake in Elevance Health by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock worth $2,320,024,000 after acquiring an additional 286,905 shares during the period. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 1.4 %

ELV stock opened at $389.98 on Wednesday. The firm has a fifty day moving average price of $431.73 and a 200 day moving average price of $497.93. Elevance Health, Inc. has a fifty-two week low of $379.29 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market cap of $90.44 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.14 and a beta of 0.83.

Elevance Health (NYSE:ELV) last posted 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 net margin of 3.68% and a return on equity of 19.56%. The business had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same period last year, the business posted $8.99 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. Sell-side 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 paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.67%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is 23.77%.

Analyst Ratings Changes

A number of equities research analysts have commented on ELV shares. Wells Fargo & Company decreased their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Barclays decreased their target price 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. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, TD Cowen cut their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $539.20.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on 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 directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by 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.