Firetrail Investments PTY Ltd. Has $14.36 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Firetrail Investments PTY Ltd. lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 7.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,635 shares of the company's stock after selling 2,265 shares during the quarter. Elevance Health comprises about 4.1% of Firetrail Investments PTY Ltd.'s holdings, making the stock its 8th largest position. Firetrail Investments PTY Ltd.'s holdings in Elevance Health were worth $14,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Pathway Financial Advisers LLC increased its position in Elevance Health by 51,967.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company's stock worth $341,956,000 after purchasing an additional 656,344 shares in the last quarter. International Assets Investment Management LLC increased its position in Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company's stock worth $276,972,000 after purchasing an additional 532,016 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company's stock worth $1,117,698,000 after purchasing an additional 523,910 shares in the last quarter. M&G Plc acquired a new stake in Elevance Health during the 1st quarter worth approximately $203,389,000. Finally, Maj Invest Holding A S purchased a new position in Elevance Health in the 2nd quarter worth approximately $173,753,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of analyst reports. Barclays decreased their price target on Elevance Health from $622.00 to $501.00 and set an "overweight" rating for the company in a report on Tuesday, October 22nd. Morgan Stanley reduced their price objective on 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 price objective on Elevance Health in a research note on Friday, October 18th. Truist Financial reaffirmed a "buy" rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Finally, Cantor Fitzgerald dropped their target price on Elevance Health from $600.00 to $485.00 and set an "overweight" rating on the stock in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Elevance Health has an average rating of "Moderate Buy" and an average target price of $539.20.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business'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 transaction, 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 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.35% of the company's stock.

Elevance Health Stock Performance

Shares of NYSE:ELV traded down $3.85 during trading on Thursday, hitting $407.04. 1,783,745 shares of the stock were exchanged, compared to its average volume of 1,158,314. Elevance Health, Inc. has a 1-year low of $397.98 and a 1-year high of $567.26. The company has a market capitalization of $94.40 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 1.23 and a beta of 0.85. The company's fifty day simple moving average is $480.88 and its 200-day simple moving average is $515.30. 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 (NYSE:ELV - Get Free Report) last announced its quarterly 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 company had revenue of $44.72 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $8.99 EPS. Sell-side analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

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 $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 dividend payout ratio is currently 23.77%.

Elevance Health Company 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.