Elevance Health, Inc. (NYSE:ELV) Shares Sold by CDAM UK Ltd

CDAM UK Ltd lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 10.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 131,641 shares of the company’s stock after selling 15,113 shares during the period. Elevance Health accounts for 10.1% of CDAM UK Ltd’s holdings, making the stock its 4th biggest position. CDAM UK Ltd owned about 0.06% of Elevance Health worth $68,453,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in the stock. Bank & Trust Co acquired a new position in Elevance Health during the second quarter worth approximately $27,000. PSI Advisors LLC bought a new position in shares of Elevance Health during the 3rd quarter worth approximately $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Elevance Health during the 2nd quarter worth approximately $28,000. Strategic Financial Concepts LLC bought a new position in shares of Elevance Health in the second quarter valued at about $30,000. Finally, Eastern Bank bought a new position in Elevance Health in the 3rd quarter valued at about $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Price Performance

ELV stock opened at $402.55 on Monday. Elevance Health, Inc. has a 1 year low of $391.02 and a 1 year high of $567.26. 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 stock has a market cap of $93.36 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.20 and a beta of 0.85. The company has a 50 day simple moving average of $460.70 and a 200 day simple moving average of $508.84.

Elevance Health (NYSE:ELV) last announced 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). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the company posted $8.99 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Research analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.62%. Elevance Health’s dividend payout ratio is presently 23.77%.

Wall Street Analyst Weigh In

Several research firms have weighed in on ELV. Morgan Stanley lowered their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Wells Fargo & Company reduced their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, Royal Bank of Canada dropped their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

About Elevance Health

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.