NorthCrest Asset Manangement LLC Grows Holdings in Elevance Health, Inc. (NYSE:ELV)

NorthCrest Asset Manangement LLC raised its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,249 shares of the company’s stock after purchasing an additional 355 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Elevance Health were worth $16,769,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Bank & Trust Co bought a new position in shares of Elevance Health in the second quarter worth about $27,000. PSI Advisors LLC purchased a new position in shares of Elevance Health in the third quarter worth $27,000. Palisade Asset Management LLC bought a new position in shares of Elevance Health during the first quarter worth $28,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health during the second quarter valued at $28,000. Finally, Strategic Financial Concepts LLC bought a new stake in Elevance Health in the 2nd quarter valued at $30,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Up 1.5 %

NYSE ELV traded up $6.23 on Friday, reaching $425.27. 2,089,681 shares of the stock traded hands, compared to its average volume of 1,104,316. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The company has a fifty day moving average price of $517.51 and a 200-day moving average price of $525.13. The company has a market cap of $98.84 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 1.08 and a beta of 0.82. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results 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 business had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. Elevance Health’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the company posted $8.99 EPS. As a group, research analysts forecast that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.53%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at $4,647,610.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of research analyst reports. Royal Bank of Canada cut their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Morgan Stanley lowered their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday. Bank of America restated a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Cantor Fitzgerald reduced their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Finally, Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average target price of $551.07.

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.