Elevance Health, Inc. (NYSE:ELV) Shares Sold by MIG Capital LLC

MIG Capital LLC trimmed its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 10.5% during the third quarter, HoldingsChannel reports. The fund owned 94,458 shares of the company’s stock after selling 11,065 shares during the period. Elevance Health comprises about 6.0% of MIG Capital LLC’s investment portfolio, making the stock its 8th largest position. MIG Capital LLC’s holdings in Elevance Health were worth $49,118,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Elevance Health by 3.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 265,927 shares of the company’s stock worth $138,282,000 after purchasing an additional 8,691 shares in the last quarter. 140 Summer Partners LP grew its holdings in shares of Elevance Health by 54.3% in the 3rd quarter. 140 Summer Partners LP now owns 133,059 shares of the company’s stock valued at $69,191,000 after acquiring an additional 46,800 shares in the last quarter. Bridgewater Associates LP increased its position in shares of Elevance Health by 49.2% in the third quarter. Bridgewater Associates LP now owns 62,049 shares of the company’s stock valued at $32,265,000 after acquiring an additional 20,463 shares during the last quarter. Cynosure Group LLC raised its holdings in Elevance Health by 6.8% during the third quarter. Cynosure Group LLC now owns 767 shares of the company’s stock worth $399,000 after acquiring an additional 49 shares in the last quarter. Finally, Townsquare Capital LLC boosted its position in Elevance Health by 6.3% during the third quarter. Townsquare Capital LLC now owns 8,727 shares of the company’s stock valued at $4,538,000 after purchasing an additional 517 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Up 0.2 %

NYSE ELV opened at $402.80 on Thursday. The company has a market cap of $93.42 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.21 and a beta of 0.85. Elevance Health, Inc. has a 1-year low of $391.02 and a 1-year high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a 50 day moving average of $452.22 and a 200-day moving average of $506.22.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 19.56% and a net margin of 3.68%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $8.99 EPS. On average, equities research analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

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

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health 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 sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Cantor Fitzgerald decreased their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Wells Fargo & Company dropped their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Truist Financial reiterated a “buy” rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Raymond James set a $485.00 price target on Elevance Health in a research report on Friday, October 18th. Finally, TD Cowen cut their price objective on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

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.