Edgestream Partners L.P. Takes Position in Elevance Health, Inc. (NYSE:ELV)

Edgestream Partners L.P. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the third quarter, Holdings Channel reports. The firm purchased 1,023 shares of the company’s stock, valued at approximately $532,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC increased its position in shares of Elevance Health by 51,967.1% in the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after purchasing an additional 656,344 shares during the period. International Assets Investment Management LLC increased its holdings in Elevance Health by 85,533.1% in the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after buying an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Elevance Health by 34.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after buying an additional 523,910 shares in the last quarter. Maj Invest Holding A S bought a new stake in shares of Elevance Health during the 2nd quarter worth approximately $173,753,000. Finally, First Eagle Investment Management LLC boosted its position in shares of Elevance Health by 15.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after acquiring an additional 275,708 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Wells Fargo & Company lowered their price objective on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Truist Financial restated a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Stephens reissued an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Finally, Barclays reduced 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 analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Trading Down 1.3 %

NYSE ELV opened at $393.11 on Friday. The stock has a market capitalization of $91.17 billion, a P/E ratio of 14.33, a P/E/G ratio of 1.21 and a beta of 0.83. The business has a 50 day simple moving average of $437.06 and a 200 day simple moving average of $500.74. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health, Inc. has a one year low of $391.02 and a one year high of $567.26.

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). The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.99 EPS. Research analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently disclosed 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 is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.66%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

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.