Valley National Advisers Inc. Reduces Position in Elevance Health, Inc. (NYSE:ELV)

Valley National Advisers Inc. decreased its holdings in Elevance Health, Inc. (NYSE:ELV) by 44.8% in the third quarter, Holdings Channel reports. The fund owned 436 shares of the company’s stock after selling 354 shares during the period. Valley National Advisers Inc.’s holdings in Elevance Health were worth $225,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ELV. Clear Harbor Asset Management LLC lifted its position in Elevance Health by 20.1% during the third quarter. Clear Harbor Asset Management LLC now owns 1,481 shares of the company’s stock worth $770,000 after buying an additional 248 shares in the last quarter. Smith Salley Wealth Management increased its stake in shares of Elevance Health by 2.7% in the 3rd quarter. Smith Salley Wealth Management now owns 31,085 shares of the company’s stock worth $16,164,000 after acquiring an additional 815 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Elevance Health by 42.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 20,427 shares of the company’s stock worth $10,622,000 after acquiring an additional 6,098 shares during the period. PFG Investments LLC grew its holdings in shares of Elevance Health by 72.7% in the third quarter. PFG Investments LLC now owns 1,333 shares of the company’s stock valued at $693,000 after purchasing an additional 561 shares during the period. Finally, Pathway Financial Advisers LLC grew its holdings 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 valued at $341,956,000 after purchasing an additional 656,344 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ELV has been the topic of several recent analyst reports. Barclays decreased their target price on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Truist Financial reiterated a “buy” rating and issued a $520.00 price objective (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. UBS Group lowered their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Cantor Fitzgerald lowered their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $551.07.

Elevance Health Stock Performance

NYSE ELV opened at $425.27 on Monday. The stock has a 50-day moving average of $515.15 and a two-hundred day moving average of $524.74. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. Elevance Health, Inc. has a 1-year low of $397.98 and a 1-year high of $567.26. The company has a market cap of $98.84 billion, a P/E ratio of 16.07, a P/E/G ratio of 1.08 and a beta of 0.82.

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

Elevance Health Dividend Announcement

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

Insider Activity at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred on Monday, August 5th. The shares were 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

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.