Geode Capital Management LLC Increases Stock Position in Elevance Health, Inc. (NYSE:ELV)

Geode Capital Management LLC grew its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 1.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 4,848,020 shares of the company's stock after acquiring an additional 85,770 shares during the period. Geode Capital Management LLC owned 2.09% of Elevance Health worth $2,511,814,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Raelipskie Partnership bought a new stake in shares of Elevance Health during the third quarter worth about $26,000. PSI Advisors LLC bought a new stake in Elevance Health during the 3rd quarter worth approximately $27,000. Eastern Bank acquired a new position in Elevance Health in the 3rd quarter valued at approximately $31,000. Dunhill Financial LLC raised its stake in shares of Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company's stock valued at $37,000 after acquiring an additional 26 shares during the last quarter. Finally, Peterson Financial Group Inc. acquired a new position in shares of Elevance Health during the third quarter worth $44,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Activity

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm'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 completion of the sale, the executive vice president now directly owns 8,423 shares of the company's stock, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ELV shares. Wells Fargo & Company reduced their price target on Elevance Health from $593.00 to $495.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. Stephens restated an "underperform" rating on shares of Elevance Health in a report on Friday, October 18th. 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 note on Tuesday, November 5th. Argus downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, October 18th. Finally, Cantor Fitzgerald cut their price target on shares of 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 given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $539.20.

Elevance Health Stock Down 1.5 %

Elevance Health stock traded down $5.80 during trading on Tuesday, hitting $389.86. 2,014,877 shares of the company were exchanged, compared to its average volume of 1,211,596. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The business's 50 day moving average is $431.73 and its 200 day moving average is $497.93. Elevance Health, Inc. has a 52 week low of $379.29 and a 52 week high of $567.26. The company has a market capitalization of $90.42 billion, a P/E ratio of 14.21, a PEG ratio of 1.14 and a beta of 0.83.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results 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 period in the previous year, the business earned $8.99 earnings per share. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. Analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current 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 given a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.67%. Elevance Health's dividend 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.