Meeder Asset Management Inc. Sells 42,761 Shares of Elevance Health, Inc. (NYSE:ELV)

Meeder Asset Management Inc. lowered its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 95.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,269 shares of the company's stock after selling 42,761 shares during the quarter. Meeder Asset Management Inc.'s holdings in Elevance Health were worth $1,180,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. Edgestream Partners L.P. purchased a new position in Elevance Health in the 1st quarter worth about $698,000. Pitcairn Co. increased its position in shares of Elevance Health by 4.4% in the 1st quarter. Pitcairn Co. now owns 2,529 shares of the company's stock valued at $1,311,000 after acquiring an additional 107 shares during the period. Crewe Advisors LLC purchased a new stake in Elevance Health in the first quarter valued at approximately $40,000. Delap Wealth Advisory LLC acquired a new stake in Elevance Health during the 1st quarter worth about $267,000. Finally, CreativeOne Wealth LLC lifted its stake in shares of Elevance Health by 41.5% in the 1st quarter. CreativeOne Wealth LLC now owns 1,112 shares of the company's stock valued at $577,000 after purchasing an additional 326 shares during the period. Institutional investors own 89.24% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Stephens reiterated an "underperform" rating on shares of Elevance Health in a research report on Friday, October 18th. Barclays cut 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. Raymond James set a $485.00 price objective on shares of Elevance Health in a research report on Friday, October 18th. Royal Bank of Canada reduced 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 report on Friday, October 18th. Finally, Mizuho cut their price target on 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 given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $539.20.

Elevance Health Stock Performance

ELV traded up $3.28 on Wednesday, reaching $397.48. The company had a trading volume of 2,389,028 shares, compared to its average volume of 1,175,379. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The company's fifty day moving average is $469.43 and its 200 day moving average is $511.63. Elevance Health, Inc. has a fifty-two week low of $391.02 and a fifty-two week high of $567.26. The stock has a market cap of $92.18 billion, a P/E ratio of 14.37, a P/E/G ratio of 1.19 and a beta of 0.85.

Elevance Health (NYSE:ELV - Get Free Report) last posted 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 company had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the previous year, the business posted $8.99 earnings per share. The company's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.64%. The ex-dividend date is Thursday, December 5th. Elevance Health's dividend payout ratio (DPR) is presently 23.77%.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business's stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is owned by corporate insiders.

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.