Elevance Health, Inc. (NYSE:ELV) Short Interest Down 9.9% in November

Elevance Health, Inc. (NYSE:ELV) saw a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 2,820,000 shares, a decrease of 9.9% from the November 15th total of 3,130,000 shares. Based on an average trading volume of 1,730,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.2% of the company’s shares are short sold.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s 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 sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 46.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.35% of the stock is currently owned by company insiders.

Institutional Trading of Elevance Health

A number of institutional investors and hedge funds have recently modified their holdings of the business. Raelipskie Partnership purchased a new stake in shares of Elevance Health during the third quarter valued at $26,000. PSI Advisors LLC bought a new stake in shares of Elevance Health in the third quarter worth approximately $27,000. Strategic Financial Concepts LLC purchased a new position in shares of Elevance Health during the second quarter valued at approximately $30,000. Eastern Bank purchased a new stake in Elevance Health in the third quarter worth approximately $31,000. Finally, Dunhill Financial LLC grew its position in Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the period. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Down 1.9 %

Shares of Elevance Health stock traded down $7.05 during midday trading on Tuesday, hitting $366.25. The company had a trading volume of 2,964,396 shares, compared to its average volume of 1,234,376. Elevance Health has a 52-week low of $363.54 and a 52-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 stock has a market capitalization of $84.94 billion, a P/E ratio of 13.35, a P/E/G ratio of 1.15 and a beta of 0.83. The company has a 50 day moving average of $417.48 and a 200 day moving average of $492.02.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share 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 company had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter in the previous year, the business earned $8.99 earnings per share. Elevance Health’s revenue was up 5.3% compared to the same quarter last year. On average, equities analysts predict that Elevance Health 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 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 yield of 1.78%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ELV. Royal Bank of Canada dropped their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Cantor Fitzgerald dropped their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Truist Financial reissued a “buy” rating and set a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Mizuho dropped their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Finally, Raymond James set a $485.00 price objective 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 assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Company 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.