Executive Wealth Management LLC Makes New $10.90 Million Investment in Elevance Health, Inc. (NYSE:ELV)

Executive Wealth Management LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 20,963 shares of the company's stock, valued at approximately $10,901,000. Elevance Health comprises 1.4% of Executive Wealth Management LLC's portfolio, making the stock its 22nd largest position.

Several other large investors have also recently made changes to their positions in the business. Ameriprise Financial Inc. lifted its position in Elevance Health by 5.3% in the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company's stock valued at $2,054,641,000 after purchasing an additional 190,118 shares during the last quarter. Capital International Investors raised its holdings in Elevance Health by 3.7% during the 1st quarter. Capital International Investors now owns 3,498,511 shares of the company's stock valued at $1,814,118,000 after buying an additional 123,802 shares during the last quarter. Legal & General Group Plc boosted its position in Elevance Health by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 2,247,091 shares of the company's stock valued at $1,217,607,000 after buying an additional 64,376 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Elevance Health by 34.0% in 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 acquiring an additional 523,910 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its position in shares of Elevance Health by 15.5% in the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company's stock valued at $1,115,301,000 after acquiring an additional 275,708 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Truist Financial reissued a "buy" rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Morgan Stanley reduced their target price 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. Barclays cut their price target on shares of Elevance Health from $622.00 to $501.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. Cantor Fitzgerald decreased their price objective on shares of Elevance Health from $600.00 to $485.00 and set an "overweight" rating for the company in a report on Friday, October 18th. Finally, Wells Fargo & Company cut their target price on shares of Elevance Health from $593.00 to $495.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $539.20.

Elevance Health Stock Down 1.6 %

Shares of ELV traded down $6.72 during trading hours on Friday, hitting $422.62. The company had a trading volume of 1,569,730 shares, compared to its average volume of 2,318,684. The stock has a market capitalization of $98.01 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 1.28 and a beta of 0.85. The firm has a fifty day moving average price of $489.22 and a 200-day moving average price of $517.94. Elevance Health, Inc. has a 52-week low of $397.98 and a 52-week high of $567.26. 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 issued its 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). 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 company's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $8.99 EPS. On average, equities research analysts forecast that Elevance Health, Inc. will post 32.95 EPS 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 paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health's dividend payout ratio is currently 23.77%.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm's stock in a transaction dated 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 sale, the executive vice president now owns 8,423 shares of the company's stock, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.35% of the company's stock.

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.