Elevance Health, Inc. (NYSE:ELV) Shares Sold by Hotchkis & Wiley Capital Management LLC

Hotchkis & Wiley Capital Management LLC lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 5.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,243,001 shares of the company's stock after selling 70,578 shares during the quarter. Elevance Health comprises 2.1% of Hotchkis & Wiley Capital Management LLC's portfolio, making the stock its 8th largest holding. Hotchkis & Wiley Capital Management LLC owned approximately 0.54% of Elevance Health worth $646,361,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ELV. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health during the second quarter worth about $28,000. PSI Advisors LLC purchased a new stake in Elevance Health in the third quarter worth approximately $27,000. Eastern Bank purchased a new stake in Elevance Health in the third quarter worth approximately $31,000. Peterson Financial Group Inc. purchased a new stake in Elevance Health in the third quarter worth approximately $44,000. Finally, Hexagon Capital Partners LLC boosted its stake in Elevance Health by 46.2% in the third quarter. Hexagon Capital Partners LLC now owns 95 shares of the company's stock worth $49,000 after buying an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Activity at Elevance Health

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 transaction 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 46.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on ELV shares. TD Cowen cut their target price on Elevance Health from $589.00 to $484.00 and set a "buy" rating for the company in a research note on Monday, October 21st. Cantor Fitzgerald dropped their price objective on Elevance Health from $600.00 to $485.00 and set an "overweight" rating for the company in a research note on Friday, October 18th. Barclays dropped their price objective on Elevance Health from $622.00 to $501.00 and set an "overweight" rating for the company in a research note on Tuesday, October 22nd. UBS Group dropped their price objective on Elevance Health from $605.00 to $555.00 and set a "buy" rating for the company in a research note on Friday, October 18th. Finally, Truist Financial reissued a "buy" rating and set a $520.00 price objective (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Elevance Health currently has an average rating of "Moderate Buy" and a consensus price target of $539.20.

Elevance Health Stock Down 0.5 %

NYSE ELV traded down $2.20 during trading on Tuesday, reaching $408.19. 1,692,114 shares of the company's stock were exchanged, compared to its average volume of 1,191,344. The stock has a market cap of $94.67 billion, a P/E ratio of 14.92, a price-to-earnings-growth ratio of 1.21 and a beta of 0.83. 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 moving average price of $446.87 and a two-hundred day moving average price of $504.13. Elevance Health, Inc. has a 1 year low of $391.02 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the firm earned $8.99 EPS. The business's revenue was up 5.3% on a year-over-year basis. On average, equities research analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Thursday, December 5th. Elevance Health's 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.