QRG Capital Management Inc. Buys 1,318 Shares of Elevance Health, Inc. (NYSE:ELV)

QRG Capital Management Inc. raised its stake in Elevance Health, Inc. (NYSE:ELV) by 1.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 82,393 shares of the company’s stock after purchasing an additional 1,318 shares during the quarter. QRG Capital Management Inc.’s holdings in Elevance Health were worth $42,844,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ELV. Bank & Trust Co purchased a new position in Elevance Health during the 2nd quarter valued at about $27,000. PSI Advisors LLC bought a new stake in Elevance Health during the 3rd quarter valued at approximately $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health during the second quarter valued at approximately $28,000. Strategic Financial Concepts LLC purchased a new stake in Elevance Health in the second quarter worth $30,000. Finally, Eastern Bank bought a new position in Elevance Health in the third quarter worth $31,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ELV. Royal Bank of Canada reduced 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 report on Friday, October 18th. Truist Financial restated a “buy” rating and issued a $520.00 price objective (down previously from $620.00) on shares of Elevance Health in a report on Friday, October 18th. UBS Group dropped their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Raymond James set a $485.00 price objective on Elevance Health in a research report on Friday, October 18th. Finally, Argus downgraded Elevance Health from a “buy” rating to a “hold” rating 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $544.53.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Up 0.7 %

ELV opened at $417.02 on Monday. The stock has a market capitalization of $96.72 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.21 and a beta of 0.85. The firm has a 50 day moving average price of $501.96 and a 200-day moving average price of $521.52. Elevance Health, Inc. has a twelve month low of $397.98 and a twelve month high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The company had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Elevance Health’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.99 earnings per share. Equities research analysts forecast that Elevance Health, Inc. will post 32.93 earnings per share for the current year.

Elevance Health Announces Dividend

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 issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.56%. Elevance Health’s dividend payout ratio is currently 23.77%.

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.