Summit Global Investments Boosts Stake in Elevance Health, Inc. (NYSE:ELV)

Summit Global Investments raised its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,516 shares of the company’s stock after buying an additional 505 shares during the quarter. Elevance Health comprises 0.9% of Summit Global Investments’ portfolio, making the stock its 20th biggest holding. Summit Global Investments’ holdings in Elevance Health were worth $14,308,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Bedel Financial Consulting Inc. raised its position in shares of Elevance Health by 1.6% during the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock valued at $647,000 after buying an additional 20 shares in the last quarter. American Trust raised its position in Elevance Health by 2.6% during the first quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after purchasing an additional 20 shares during the period. Private Ocean LLC lifted its stake in shares of Elevance Health by 6.7% in the 2nd quarter. Private Ocean LLC now owns 348 shares of the company’s stock valued at $189,000 after purchasing an additional 22 shares during the last quarter. Hurlow Wealth Management Group Inc. boosted its holdings in shares of Elevance Health by 1.9% in the 2nd quarter. Hurlow Wealth Management Group Inc. now owns 1,229 shares of the company’s stock worth $666,000 after purchasing an additional 23 shares during the period. Finally, Cypress Wealth Services LLC boosted its holdings in shares of Elevance Health by 3.5% in the 3rd quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock worth $353,000 after purchasing an additional 23 shares during the period. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the 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 completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is owned by insiders.

Elevance Health Price Performance

ELV opened at $429.22 on Friday. The company has a market capitalization of $99.54 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 1.24 and a beta of 0.85. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 12-month low of $397.98 and a 12-month high of $567.26. The business’s fifty day simple moving average is $494.37 and its 200-day simple moving average is $519.32.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The business 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 business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the firm earned $8.99 EPS. On average, equities research analysts anticipate that Elevance Health, Inc. will post 32.93 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ELV. Royal Bank of Canada lowered their price target 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. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Truist Financial reiterated a “buy” rating and set a $520.00 price target (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. TD Cowen decreased their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Finally, Morgan Stanley cut their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health 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.