SouthState Corp Cuts Stock Position in Elevance Health, Inc. (NYSE:ELV)

SouthState Corp trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 2.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,481 shares of the company’s stock after selling 890 shares during the quarter. Elevance Health accounts for approximately 1.5% of SouthState Corp’s investment portfolio, making the stock its 20th largest position. SouthState Corp’s holdings in Elevance Health were worth $21,050,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank & Trust Co purchased a new position in Elevance Health during the second quarter worth $27,000. PSI Advisors LLC purchased a new position in Elevance Health during the third quarter worth $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health during the second quarter worth $28,000. Strategic Financial Concepts LLC purchased a new position in Elevance Health during the second quarter worth $30,000. Finally, Eastern Bank purchased a new position in Elevance Health during the third quarter worth $31,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ELV. Royal Bank of Canada decreased their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Morgan Stanley decreased their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Barclays decreased their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Wells Fargo & Company decreased their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, UBS Group decreased their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday, October 18th. One equities 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $400.69 on Tuesday. The company has a market capitalization of $92.93 billion, a PE ratio of 14.61, a P/E/G ratio of 1.19 and a beta of 0.85. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The company has a 50-day simple moving average of $472.43 and a two-hundred day simple moving average of $512.56. Elevance Health, Inc. has a one year low of $397.92 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last announced 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 during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.99 earnings per share. Research analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.63%. Elevance Health’s payout ratio is 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.