Pathstone Holdings LLC Has $22.39 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Pathstone Holdings LLC reduced its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 8.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,056 shares of the company's stock after selling 3,907 shares during the period. Pathstone Holdings LLC's holdings in Elevance Health were worth $22,389,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Bank & Trust Co purchased a new stake in Elevance Health in the second quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health in the 2nd quarter valued at about $28,000. PSI Advisors LLC purchased a new stake in Elevance Health during the third quarter worth about $27,000. Eastern Bank acquired a new stake in shares of Elevance Health during the third quarter worth about $31,000. Finally, Crewe Advisors LLC purchased a new position in Elevance Health in the 1st quarter valued at approximately $40,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. TD Cowen reduced their target price on shares of Elevance Health from $589.00 to $484.00 and set a "buy" rating on the stock in a report on Monday, October 21st. Argus cut shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, October 18th. UBS Group reduced their price target on shares of Elevance Health from $605.00 to $555.00 and set a "buy" rating for the company in a research report on Friday, October 18th. Wells Fargo & Company reduced their target price on Elevance Health from $593.00 to $495.00 and set an "overweight" rating for the company in a report on Monday, November 4th. Finally, Truist Financial reaffirmed a "buy" rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. One research 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 company. According to data from MarketBeat, Elevance Health currently has an average rating of "Moderate Buy" and an average target price of $539.20.

Elevance Health Price Performance

Shares of ELV traded up $3.28 during trading hours on Wednesday, reaching $397.48. 2,389,028 shares of the company traded hands, compared to its average volume of 1,175,379. The stock has a market capitalization of $92.18 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 1.19 and a beta of 0.85. The stock has a fifty day simple moving average of $469.43 and a 200 day simple moving average of $511.63. Elevance Health, Inc. has a fifty-two week low of $391.02 and a fifty-two week 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.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (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 company had revenue of $44.72 billion during the quarter, compared to analysts' expectations of $43.47 billion. During the same quarter in the previous year, the firm posted $8.99 earnings per share. Elevance Health's revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

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

Insider Activity

In other 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 transaction of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.29% of the company's stock.

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.