Great Valley Advisor Group Inc. Has $2.10 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Great Valley Advisor Group Inc. decreased its stake in Elevance Health, Inc. (NYSE:ELV) by 1.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,039 shares of the company’s stock after selling 67 shares during the period. Great Valley Advisor Group Inc.’s holdings in Elevance Health were worth $2,100,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Bank & Trust Co acquired a new stake in shares of Elevance Health during the second quarter worth about $27,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health during the third quarter worth about $27,000. Opal Wealth Advisors LLC bought a new position in shares of Elevance Health during the second quarter worth about $28,000. Strategic Financial Concepts LLC bought a new position in shares of Elevance Health during the second quarter worth about $30,000. Finally, Eastern Bank bought a new position in shares of Elevance Health during the third quarter worth about $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ELV. TD Cowen decreased their price objective on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. Raymond James set a $485.00 price target on Elevance Health in a research note on Friday, October 18th. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Royal Bank of Canada reduced their target price 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. Finally, Mizuho reduced their target price 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.35% of the company’s stock.

Elevance Health Trading Down 0.3 %

Shares of ELV stock opened at $402.55 on Monday. The stock’s fifty day simple moving average is $460.70 and its 200 day simple moving average is $508.84. Elevance Health, Inc. has a twelve month low of $391.02 and a twelve month high of $567.26. The firm has a market capitalization of $93.36 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.20 and a beta of 0.85. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last released its quarterly earnings data 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 return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the previous year, the company posted $8.99 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given 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 dividend yield of 1.62%. Elevance Health’s dividend payout ratio 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.