JB Capital LLC Raises Stake in Elevance Health, Inc. (NYSE:ELV)

JB Capital LLC raised its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 19.5% in the third quarter, Holdings Channel reports. The institutional investor owned 1,346 shares of the company’s stock after buying an additional 220 shares during the quarter. JB Capital LLC’s holdings in Elevance Health were worth $700,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bank & Trust Co bought a new stake in Elevance Health during the 2nd quarter worth approximately $27,000. PSI Advisors LLC bought a new stake in Elevance Health during the third quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health during the second quarter worth about $28,000. Strategic Financial Concepts LLC bought a new position in Elevance Health in the 2nd quarter worth about $30,000. Finally, Eastern Bank purchased a new stake in shares of Elevance Health in the 3rd quarter valued at about $31,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Trading Up 0.2 %

Shares of NYSE:ELV traded up $1.03 during midday trading on Thursday, hitting $429.96. 215,222 shares of the stock traded hands, compared to its average volume of 1,136,512. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The business’s 50 day moving average is $494.37 and its two-hundred day moving average is $519.32. The stock has a market capitalization of $99.72 billion, a PE ratio of 15.64, a P/E/G ratio of 1.23 and a beta of 0.85. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last released 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 business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the company earned $8.99 EPS. As a group, research analysts forecast that Elevance Health, Inc. will post 32.93 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.52%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Wall Street Analyst Weigh In

ELV has been the topic of several research analyst reports. Bank of America restated a “neutral” rating and issued a $530.00 price objective (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. UBS Group dropped their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. Stephens reissued an “underperform” rating on shares of Elevance Health in a research note 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. Finally, Cantor Fitzgerald dropped their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $539.20.

Insider Transactions at Elevance Health

In related 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 value of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

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.