Empowered Funds LLC Grows Holdings in Elevance Health, Inc. (NYSE:ELV)

Empowered Funds LLC grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 24.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 41,965 shares of the company's stock after acquiring an additional 8,379 shares during the quarter. Empowered Funds LLC's holdings in Elevance Health were worth $21,822,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Empirical Finance LLC boosted its holdings in Elevance Health by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 9,327 shares of the company's stock valued at $4,850,000 after acquiring an additional 180 shares during the period. First Business Financial Services Inc. lifted its position in Elevance Health by 6.0% in the third quarter. First Business Financial Services Inc. now owns 2,635 shares of the company's stock valued at $1,370,000 after purchasing an additional 150 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Elevance Health by 8.1% during the third quarter. CIBC Asset Management Inc now owns 34,012 shares of the company's stock valued at $17,686,000 after purchasing an additional 2,541 shares during the period. Impax Asset Management Group plc grew 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 worth $13,159,000 after purchasing an additional 1,435 shares during the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in Elevance Health by 15.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,028 shares of the company's stock valued at $3,655,000 after buying an additional 941 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health 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 completion of the sale, the executive vice president now owns 8,423 shares of the company's stock, valued at $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 SEC, which is available at this link. 0.35% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on ELV. Royal Bank of Canada lowered their price objective on shares of Elevance Health from $585.00 to $478.00 and set an "outperform" rating for the company in a research note on Friday, October 18th. Raymond James set a $485.00 price objective on Elevance Health in a report on Friday, October 18th. Barclays reduced their target price on Elevance Health from $622.00 to $501.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 22nd. Cantor Fitzgerald dropped their price target 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. Finally, Mizuho reduced their price objective on shares of Elevance Health from $585.00 to $505.00 and set an "outperform" rating on the stock in a research report on Tuesday, November 5th. 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 issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $539.20.

Elevance Health Stock Down 1.5 %

Shares of NYSE ELV traded down $6.27 during trading on Friday, reaching $400.78. The company had a trading volume of 2,616,529 shares, compared to its average volume of 1,164,884. Elevance Health, Inc. has a 12-month low of $397.98 and a 12-month high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The business's 50-day moving average is $478.13 and its 200 day moving average is $514.55. The stock has a market cap of $92.95 billion, a PE ratio of 14.61, a P/E/G ratio of 1.22 and a beta of 0.85.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts' consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter in the prior year, the business posted $8.99 earnings per share. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share 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 issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Thursday, December 5th. Elevance Health's payout ratio is currently 23.77%.

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.