Charles Schwab Investment Management Inc. Raises Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Charles Schwab Investment Management Inc. raised its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,611,242 shares of the company’s stock after purchasing an additional 17,536 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Elevance Health were worth $837,846,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Edgestream Partners L.P. bought a new stake in shares of Elevance Health in the 1st quarter worth approximately $698,000. Crewe Advisors LLC purchased a new stake in shares of Elevance Health in the first quarter worth $40,000. CreativeOne Wealth LLC increased its holdings in shares of Elevance Health by 41.5% during the first quarter. CreativeOne Wealth LLC now owns 1,112 shares of the company’s stock valued at $577,000 after acquiring an additional 326 shares in the last quarter. Wellington Wealth Strategies LLC. bought a new position in shares of Elevance Health during the first quarter valued at $214,000. Finally, Axxcess Wealth Management LLC boosted its stake in Elevance Health by 30.5% in the 1st quarter. Axxcess Wealth Management LLC now owns 1,679 shares of the company’s stock worth $871,000 after purchasing an additional 392 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Elevance Health stock traded up $2.20 during midday trading on Thursday, hitting $399.68. The stock had a trading volume of 123,635 shares, compared to its average volume of 1,170,474. 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 52-week low of $391.02 and a 52-week high of $567.26. The company has a market capitalization of $92.69 billion, a PE ratio of 14.49, a P/E/G ratio of 1.17 and a beta of 0.85. The firm’s fifty day moving average is $466.51 and its two-hundred day moving average is $510.83.

Elevance Health (NYSE:ELV) last posted 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). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same period in the prior year, the firm posted $8.99 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, research analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued 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 1.63%. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Wall Street Analysts Forecast Growth

ELV has been the subject of several recent analyst reports. Raymond James set a $485.00 target price on shares of Elevance Health in a report on Friday, October 18th. Barclays decreased their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Cantor Fitzgerald dropped their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Truist Financial reissued a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $539.20.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction 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 owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.35% of the stock is 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.