Quest Partners LLC Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Quest Partners LLC increased its position in Elevance Health, Inc. (NYSE:ELV) by 201.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,319 shares of the company’s stock after buying an additional 1,550 shares during the quarter. Quest Partners LLC’s holdings in Elevance Health were worth $1,206,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank & Trust Co bought a new stake in shares of Elevance Health in the 2nd quarter worth approximately $27,000. PSI Advisors LLC purchased a new stake in Elevance Health during the third quarter valued at about $27,000. Opal Wealth Advisors LLC bought a new position in shares of Elevance Health during the second quarter valued at about $28,000. Strategic Financial Concepts LLC purchased a new position in shares of Elevance Health in the second quarter worth about $30,000. Finally, Eastern Bank purchased a new position in Elevance Health in the 3rd quarter worth approximately $31,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Truist Financial restated a “buy” rating and issued a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a report 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. Mizuho dropped their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Morgan Stanley dropped their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada dropped their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Stock Down 1.6 %

Shares of Elevance Health stock opened at $394.20 on Wednesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The company has a 50-day moving average of $469.43 and a 200 day moving average of $511.63. The firm has a market cap of $91.42 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.19 and a beta of 0.85. Elevance Health, Inc. has a 1 year low of $391.83 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). The business had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $8.99 earnings per share. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.65%. Elevance Health’s payout ratio is 23.77%.

Insider Buying and Selling at Elevance Health

In other Elevance Health 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 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 approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by company insiders.

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.