HighVista Strategies LLC Invests $1.30 Million in Elevance Health, Inc. (NYSE:ELV)

HighVista Strategies LLC acquired a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,500 shares of the company's stock, valued at approximately $1,300,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ELV. PSI Advisors LLC bought a new stake in shares of Elevance Health during the 3rd quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health during the second quarter valued at approximately $28,000. Strategic Financial Concepts LLC purchased a new stake in Elevance Health in the 2nd quarter worth approximately $30,000. Eastern Bank bought a new stake in Elevance Health during the third quarter valued at $31,000. Finally, Peterson Financial Group Inc. purchased a new position in shares of Elevance Health during the third quarter worth about $44,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Down 0.5 %

Shares of NYSE ELV traded down $2.20 during trading on Tuesday, reaching $408.19. The company had a trading volume of 1,691,922 shares, compared to its average volume of 1,190,104. Elevance Health, Inc. has a 12-month low of $391.02 and a 12-month high of $567.26. The business's 50-day moving average is $446.87 and its 200 day moving average is $504.13. The stock has a market cap of $94.67 billion, a PE ratio of 14.92, a P/E/G ratio of 1.21 and a beta of 0.83. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS 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 analysts' expectations of $43.47 billion. During the same quarter in the previous year, the company earned $8.99 EPS. The company's quarterly revenue 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 disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued 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 1.60%. Elevance Health's payout ratio is 23.77%.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred 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 46.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Cantor Fitzgerald reduced their target price on Elevance Health from $600.00 to $485.00 and set an "overweight" rating on the stock in a research note on Friday, October 18th. Mizuho decreased their target price 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. Morgan Stanley cut their price target on shares of Elevance Health from $643.00 to $551.00 and set an "overweight" rating for the company in a research report on Wednesday, October 23rd. Barclays decreased their target price on shares of Elevance Health from $622.00 to $501.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 22nd. Finally, Stephens reissued an "underperform" rating on shares of Elevance Health in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Elevance Health currently has an average rating of "Moderate Buy" and an average price target of $539.20.

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.