Veritas Asset Management LLP Reduces Stake in Elevance Health, Inc. (NYSE:ELV)

Veritas Asset Management LLP cut its holdings in Elevance Health, Inc. (NYSE:ELV) by 3.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,097,778 shares of the company’s stock after selling 39,284 shares during the period. Elevance Health comprises about 4.2% of Veritas Asset Management LLP’s holdings, making the stock its 12th largest position. Veritas Asset Management LLP’s holdings in Elevance Health were worth $570,845,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ELV. Pathway Financial Advisers LLC lifted its holdings in shares of Elevance Health by 51,967.1% in the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock valued at $341,956,000 after purchasing an additional 656,344 shares in the last quarter. International Assets Investment Management LLC increased its position in Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after purchasing an additional 532,016 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings 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 valued at $1,117,698,000 after buying an additional 523,910 shares during the period. M&G Plc acquired a new position in Elevance Health during the first quarter valued at approximately $203,389,000. Finally, Maj Invest Holding A S purchased a new stake in Elevance Health during the second quarter worth approximately $173,753,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health 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 completion of the transaction, the director now directly 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 filing with the SEC, which is accessible through this hyperlink. In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’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 completion of the transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The stock was 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.

Elevance Health Stock Up 2.0 %

Shares of ELV stock traded up $8.25 during trading hours on Friday, hitting $414.01. 2,410,171 shares of the company were exchanged, compared to its average volume of 1,122,558. The stock has a market capitalization of $96.02 billion, a price-to-earnings ratio of 15.09, a P/E/G ratio of 1.22 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 business’s 50-day simple moving average is $501.96 and its two-hundred day simple moving average is $521.43. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last released 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 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the business earned $8.99 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts predict that Elevance Health, Inc. will post 32.93 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.57%. Elevance Health’s payout ratio is 23.77%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Royal Bank of Canada cut their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Bank of America restated a “neutral” rating and set a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Truist Financial reiterated a “buy” rating and issued a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. TD Cowen decreased their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. Finally, Cantor Fitzgerald dropped 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 note on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.