Portfolio Design Labs LLC Grows Position in Elevance Health, Inc. (NYSE:ELV)

Portfolio Design Labs LLC raised its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 26.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,107 shares of the company's stock after buying an additional 1,275 shares during the quarter. Elevance Health comprises 0.9% of Portfolio Design Labs LLC's portfolio, making the stock its 29th largest holding. Portfolio Design Labs LLC's holdings in Elevance Health were worth $3,176,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. First Horizon Advisors Inc. grew its holdings in shares of Elevance Health by 6.5% during the third quarter. First Horizon Advisors Inc. now owns 854 shares of the company's stock worth $444,000 after purchasing an additional 52 shares in the last quarter. Advisors Asset Management Inc. lifted its position in Elevance Health by 57.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 8,377 shares of the company's stock worth $4,356,000 after buying an additional 3,054 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Elevance Health by 460.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,923 shares of the company's stock worth $2,560,000 after buying an additional 4,044 shares during the last quarter. Commerce Bank lifted its position in Elevance Health by 15.2% in the third quarter. Commerce Bank now owns 205,790 shares of the company's stock valued at $107,011,000 after purchasing an additional 27,165 shares during the last quarter. Finally, Prospera Private Wealth LLC bought a new stake in Elevance Health in the third quarter valued at approximately $52,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

ELV stock traded up $3.28 during trading on Wednesday, reaching $397.48. The stock had a trading volume of 2,389,028 shares, compared to its average volume of 1,175,379. Elevance Health, Inc. has a 52 week low of $391.02 and a 52 week high of $567.26. The stock's 50 day moving average is $469.43 and its two-hundred day moving average is $511.63. 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 firm has a market cap of $92.18 billion, a PE ratio of 14.37, a PEG ratio of 1.19 and a beta of 0.85.

Elevance Health (NYSE:ELV - Get Free Report) last posted its 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 during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the company posted $8.99 EPS. The firm's revenue was up 5.3% compared to the same quarter last year. As a group, equities analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently disclosed 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 1.64%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health's dividend payout ratio (DPR) is currently 23.77%.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Mizuho decreased their target price on Elevance Health from $585.00 to $505.00 and set an "outperform" rating for the company in a report on Tuesday, November 5th. Royal Bank of Canada decreased their target price on Elevance Health from $585.00 to $478.00 and set an "outperform" rating for the company in a report on Friday, October 18th. Argus downgraded Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, October 18th. TD Cowen reduced their price target on Elevance Health from $589.00 to $484.00 and set a "buy" rating on the stock in a research note on Monday, October 21st. Finally, UBS Group cut their target price on Elevance Health from $605.00 to $555.00 and set a "buy" rating on the stock in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.