Elevance Health, Inc. (NYSE:ELV) Stock Position Raised by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Elevance Health, Inc. (NYSE:ELV) by 3.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 265,927 shares of the company’s stock after purchasing an additional 8,691 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.11% of Elevance Health worth $138,282,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. 140 Summer Partners LP raised its position in Elevance Health by 54.3% during the third quarter. 140 Summer Partners LP now owns 133,059 shares of the company’s stock valued at $69,191,000 after buying an additional 46,800 shares during the period. Bridgewater Associates LP grew its stake in Elevance Health by 49.2% during the 3rd 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 in the last quarter. Cynosure Group LLC increased its holdings in shares of Elevance Health by 6.8% in the 3rd quarter. Cynosure Group LLC now owns 767 shares of the company’s stock valued at $399,000 after purchasing an additional 49 shares during the period. Townsquare Capital LLC lifted its position in shares of Elevance Health by 6.3% in the third quarter. Townsquare Capital LLC now owns 8,727 shares of the company’s stock worth $4,538,000 after purchasing an additional 517 shares in the last quarter. Finally, Sanders Capital LLC boosted its holdings in shares of Elevance Health by 1.0% during the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after purchasing an additional 44,805 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of research analyst reports. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Barclays cut their price objective on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Wells Fargo & Company lowered their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Truist Financial reaffirmed a “buy” rating and set a $520.00 price target (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Finally, Raymond James set a $485.00 price target on Elevance Health in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company 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 $402.80 on Thursday. The stock has a market capitalization of $93.42 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85. The company has a 50-day moving average of $452.22 and a two-hundred day moving average of $506.22. Elevance Health, Inc. has a 52-week low of $391.02 and a 52-week high of $567.26. 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 (NYSE:ELV) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period last year, the company earned $8.99 earnings per share. Elevance Health’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

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

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated 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 in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by company 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.