Martingale Asset Management L P Sells 11,423 Shares of Elevance Health, Inc. (NYSE:ELV)

Martingale Asset Management L P decreased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 15.7% in the 3rd quarter, Holdings Channel reports. The firm owned 61,477 shares of the company’s stock after selling 11,423 shares during the quarter. Martingale Asset Management L P’s holdings in Elevance Health were worth $31,968,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ELV. Bank & Trust Co acquired a new stake in Elevance Health in the 2nd quarter valued at $27,000. PSI Advisors LLC bought a new stake in shares of Elevance Health during the 3rd quarter worth $27,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health in the 2nd quarter valued at about $28,000. Strategic Financial Concepts LLC purchased a new position in Elevance Health during the 2nd quarter valued at about $30,000. Finally, Eastern Bank purchased a new position in Elevance Health during the 3rd quarter valued at about $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on ELV shares. Mizuho cut their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. 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. Truist Financial restated a “buy” rating and set a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Royal Bank of Canada decreased their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Finally, Cantor Fitzgerald decreased their price objective 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 analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Stock Up 0.2 %

ELV stock opened at $402.75 on Friday. Elevance Health, Inc. has a fifty-two week low of $391.02 and a fifty-two week high of $567.26. The business’s 50-day moving average is $449.52 and its two-hundred day moving average is $505.51. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market cap of $93.41 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.21 and a beta of 0.85.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS 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 return on equity of 19.56% and a net margin of 3.68%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the business earned $8.99 EPS. As a group, analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced 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. This represents a $6.52 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Insider Activity at Elevance Health

In other Elevance Health 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 completion of the transaction, the executive vice president now 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 filing with the SEC, which is available through this link. 0.29% of the stock is owned by corporate insiders.

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.