Dearborn Partners LLC Sells 1,652 Shares of Elevance Health, Inc. (NYSE:ELV)

Dearborn Partners LLC decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 2.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 57,547 shares of the company's stock after selling 1,652 shares during the period. Dearborn Partners LLC's holdings in Elevance Health were worth $29,924,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. CIBC Asset Management Inc increased its position in shares of Elevance Health by 8.1% in the third quarter. CIBC Asset Management Inc now owns 34,012 shares of the company's stock valued at $17,686,000 after buying an additional 2,541 shares in the last quarter. Impax Asset Management Group plc increased its holdings in shares of Elevance Health by 6.0% in the third quarter. Impax Asset Management Group plc now owns 25,305 shares of the company's stock valued at $13,159,000 after purchasing an additional 1,435 shares during the last quarter. OneDigital Investment Advisors LLC raised its holdings in shares of Elevance Health by 15.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,028 shares of the company's stock worth $3,655,000 after acquiring an additional 941 shares during the period. Lifeworks Advisors LLC raised its position in shares of Elevance Health by 2.5% during the 3rd quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company's stock valued at $539,000 after buying an additional 25 shares during the period. Finally, Intelligence Driven Advisers LLC lifted its stake in shares of Elevance Health by 6.4% in the 3rd quarter. Intelligence Driven Advisers LLC now owns 1,179 shares of the company's stock valued at $613,000 after purchasing an additional 71 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business's 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 completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Stock Performance

NYSE:ELV traded down $5.10 during mid-day trading on Friday, hitting $401.94. 1,520,593 shares of the company's stock traded hands, compared to its average volume of 1,159,948. The firm has a market capitalization of $93.22 billion, a price-to-earnings ratio of 14.69, a price-to-earnings-growth ratio of 1.22 and a beta of 0.85. The firm has a 50 day moving average of $478.13 and a two-hundred day moving average of $514.55. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate 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 firm's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the business earned $8.99 earnings per share. On average, equities analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health's dividend payout ratio is currently 23.77%.

Analyst Ratings Changes

Several brokerages have recently issued reports on ELV. Royal Bank of Canada reduced their price target 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. Stephens reissued an "underperform" rating on shares of Elevance Health in a report on Friday, October 18th. Morgan Stanley lowered their price target on shares of Elevance Health from $643.00 to $551.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 23rd. Raymond James set a $485.00 target price on Elevance Health in a research note on Friday, October 18th. Finally, TD Cowen dropped their price objective on shares of Elevance Health from $589.00 to $484.00 and set a "buy" rating for the company in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and a consensus price target of $539.20.

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.