Avitas Wealth Management LLC Buys 67 Shares of Elevance Health, Inc. (NYSE:ELV)

Avitas Wealth Management LLC lifted its position in Elevance Health, Inc. (NYSE:ELV) by 1.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,674 shares of the company’s stock after purchasing an additional 67 shares during the quarter. Avitas Wealth Management LLC’s holdings in Elevance Health were worth $2,430,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Bank & Trust Co purchased a new position in shares of Elevance Health in the 2nd quarter worth $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health in the second quarter worth about $28,000. PSI Advisors LLC bought a new stake in Elevance Health during the third quarter worth approximately $27,000. Palisade Asset Management LLC purchased a new stake in Elevance Health during the first quarter valued at approximately $28,000. Finally, Eastern Bank bought a new stake in shares of Elevance Health in the 3rd quarter valued at approximately $31,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Trading Down 1.6 %

Shares of NYSE:ELV opened at $410.57 on Wednesday. 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 $509.97 and its 200-day simple moving average is $523.53. The company has a market capitalization of $95.42 billion, a PE ratio of 15.52, a P/E/G ratio of 1.08 and a beta of 0.82. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58.

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). The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company’s revenue 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, equities research analysts predict that Elevance Health, Inc. will post 37.26 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. Stockholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.59%. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Insider Activity at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 value of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ELV shares. Cantor Fitzgerald cut their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Royal Bank of Canada reduced their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Morgan Stanley decreased their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Truist Financial reaffirmed a “buy” rating and set a $520.00 target price (down previously 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 investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $551.07.

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.