Verdence Capital Advisors LLC Grows Position in Elevance Health, Inc. (NYSE:ELV)

Verdence Capital Advisors LLC raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 12.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,661 shares of the company's stock after purchasing an additional 2,039 shares during the quarter. Elevance Health accounts for about 0.8% of Verdence Capital Advisors LLC's portfolio, making the stock its 23rd largest position. Verdence Capital Advisors LLC's holdings in Elevance Health were worth $9,704,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Executive Wealth Management LLC bought a new stake in shares of Elevance Health in the 3rd quarter worth about $10,901,000. CWA Asset Management Group LLC bought a new stake in shares of Elevance Health in the 3rd quarter worth about $469,000. Equitable Trust Co. lifted its holdings in shares of Elevance Health by 159.6% in the 3rd quarter. Equitable Trust Co. now owns 1,760 shares of the company's stock worth $915,000 after acquiring an additional 1,082 shares during the last quarter. Leavell Investment Management Inc. lifted its holdings in shares of Elevance Health by 3.4% in the 3rd quarter. Leavell Investment Management Inc. now owns 6,165 shares of the company's stock worth $3,206,000 after acquiring an additional 200 shares during the last quarter. Finally, Palmer Knight Co lifted its holdings in shares of Elevance Health by 0.5% in the 3rd quarter. Palmer Knight Co now owns 10,504 shares of the company's stock worth $5,462,000 after acquiring an additional 49 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

ELV stock traded down $6.72 during trading on Friday, reaching $422.62. The company had a trading volume of 1,569,730 shares, compared to its average volume of 2,318,684. The firm has a 50-day simple moving average of $489.22 and a 200-day simple moving average of $517.94. The company has a market cap of $98.01 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 1.28 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. Elevance Health, Inc. has a twelve month low of $397.98 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 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 business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the previous year, the firm posted $8.99 earnings per share. The business's revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts expect that Elevance Health, Inc. will post 32.95 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed 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. This represents a $6.52 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health's payout ratio is 23.77%.

Analyst Upgrades and Downgrades

Several research firms recently commented on ELV. Bank of America reaffirmed a "neutral" rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Morgan Stanley reduced 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. Truist Financial reaffirmed a "buy" rating and issued a $520.00 price target (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Raymond James set a $485.00 price target on shares of Elevance Health in a research note on Friday, October 18th. Finally, Stephens reaffirmed an "underperform" rating on shares of Elevance Health in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $539.20.

Insider Buying and Selling at Elevance Health

In related 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 value of $3,205,182.38. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.35% of the company's stock.

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.