NorthCrest Asset Manangement LLC Decreases Position in Elevance Health, Inc. (NYSE:ELV)

NorthCrest Asset Manangement LLC reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 0.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,214 shares of the company’s stock after selling 35 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Elevance Health were worth $11,884,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Raelipskie Partnership purchased a new position in Elevance Health during the third quarter worth about $26,000. PSI Advisors LLC purchased a new position in Elevance Health in the 3rd quarter valued at approximately $27,000. Strategic Financial Concepts LLC purchased a new stake in Elevance Health during the 2nd quarter worth about $30,000. Eastern Bank acquired a new stake in Elevance Health in the 3rd quarter valued at about $31,000. Finally, Dunhill Financial LLC boosted its stake in shares of Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after buying an additional 26 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ELV shares. Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. TD Cowen reduced their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. Barclays cut their target price on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Cantor Fitzgerald reduced their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Finally, Morgan Stanley decreased their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $536.53.

Elevance Health Price Performance

Elevance Health stock traded up $4.65 during midday trading on Friday, reaching $387.89. 504,174 shares of the company were exchanged, compared to its average volume of 1,261,954. The firm’s 50-day simple moving average is $392.04 and its 200-day simple moving average is $473.32. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The company has a market capitalization of $89.96 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 1.15 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results 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 firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter last year, the firm earned $8.99 earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Thursday, December 5th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction that occurred 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 owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.35% of the company’s stock.

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.