Summit Trail Advisors LLC Acquires 469 Shares of Elevance Health, Inc. (NYSE:ELV)

Summit Trail Advisors LLC grew its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 15.2% during the third quarter, HoldingsChannel.com reports. The fund owned 3,545 shares of the company’s stock after buying an additional 469 shares during the quarter. Summit Trail Advisors LLC’s holdings in Elevance Health were worth $1,844,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Waverly Advisors LLC lifted its stake in shares of Elevance Health by 19.8% in the 1st quarter. Waverly Advisors LLC now owns 2,873 shares of the company’s stock worth $1,490,000 after purchasing an additional 474 shares during the period. Bayesian Capital Management LP raised its stake in shares of Elevance Health by 164.5% in the first quarter. Bayesian Capital Management LP now owns 2,510 shares of the company’s stock worth $1,302,000 after buying an additional 1,561 shares during the period. Kennedy Capital Management LLC bought a new position in shares of Elevance Health during the 1st quarter valued at approximately $3,309,000. Oxford Wealth Group LLC purchased a new stake in Elevance Health in the 1st quarter worth approximately $1,351,000. Finally, Vancity Investment Management Ltd lifted its holdings in Elevance Health by 22.6% during the first quarter. Vancity Investment Management Ltd now owns 53,307 shares of the company’s stock valued at $27,641,000 after purchasing an additional 9,809 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related 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 value of $3,205,182.38. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ELV shares. Cantor Fitzgerald lowered their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Wells Fargo & Company decreased their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. TD Cowen dropped their target price 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. Finally, Barclays decreased their price target 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. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $402.55 on Monday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a market cap of $93.36 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 1.20 and a beta of 0.85. The business’s fifty day simple moving average is $460.70 and its 200-day simple moving average is $508.84. Elevance Health, Inc. has a 52 week low of $391.02 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last released 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). The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates 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 for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $8.99 earnings per share. Equities analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.62%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

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.