Benedict Financial Advisors Inc. Reduces Stock Position in Elevance Health, Inc. (NYSE:ELV)

Benedict Financial Advisors Inc. lessened its position in Elevance Health, Inc. (NYSE:ELV) by 0.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,250 shares of the company’s stock after selling 32 shares during the period. Benedict Financial Advisors Inc.’s holdings in Elevance Health were worth $4,290,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Ameriprise Financial Inc. increased its holdings in Elevance Health by 5.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after purchasing an additional 190,118 shares during the period. Capital International Investors increased its stake in shares of Elevance Health by 3.7% during the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock valued at $1,814,118,000 after buying an additional 123,802 shares during the period. Legal & General Group Plc raised its holdings in shares of Elevance Health by 2.9% during the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock valued at $1,217,607,000 after acquiring an additional 64,376 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after acquiring an additional 523,910 shares during the period. Finally, First Eagle Investment Management LLC boosted its holdings in Elevance Health by 15.5% in the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after acquiring an additional 275,708 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Up 1.5 %

Shares of ELV traded up $6.23 on Friday, hitting $425.27. 2,089,681 shares of the stock traded hands, compared to its average volume of 1,104,316. The company has a market capitalization of $98.84 billion, a PE ratio of 16.07, a P/E/G ratio of 1.08 and a beta of 0.82. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The business has a 50 day simple moving average of $515.15 and a 200 day simple moving average of $524.55.

Elevance Health (NYSE:ELV) last posted its 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 20.64% and a net margin of 3.89%. The business had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the previous year, the business posted $8.99 EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities analysts forecast that Elevance Health, Inc. will post 37.26 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is presently 24.64%.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Stephens restated an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Cantor Fitzgerald lowered their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Bank of America reiterated a “neutral” rating and set a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Raymond James set a $485.00 price target on Elevance Health in a research note on Friday, October 18th. Finally, Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $551.07.

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.