Quantinno Capital Management LP Purchases 2,461 Shares of Elevance Health, Inc. (NYSE:ELV)

Quantinno Capital Management LP boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 26.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,889 shares of the company's stock after purchasing an additional 2,461 shares during the quarter. Quantinno Capital Management LP's holdings in Elevance Health were worth $6,182,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Quarry LP raised its stake in Elevance Health by 275.4% during the 3rd quarter. Quarry LP now owns 503 shares of the company's stock valued at $262,000 after purchasing an additional 369 shares during the last quarter. Royal London Asset Management Ltd. increased its holdings in Elevance Health by 2.7% in the 3rd quarter. Royal London Asset Management Ltd. now owns 229,260 shares of the company's stock valued at $119,215,000 after buying an additional 5,960 shares during the period. Rench Wealth Management Inc. increased its holdings in Elevance Health by 8.1% in the 3rd quarter. Rench Wealth Management Inc. now owns 10,551 shares of the company's stock valued at $5,486,000 after buying an additional 793 shares during the period. Prana Capital Management LP increased its holdings in Elevance Health by 106.9% in the 3rd quarter. Prana Capital Management LP now owns 51,215 shares of the company's stock valued at $26,632,000 after buying an additional 26,462 shares during the period. Finally, Mission Creek Capital Partners Inc. increased its holdings in Elevance Health by 3.7% in the 3rd quarter. Mission Creek Capital Partners Inc. now owns 2,808 shares of the company's stock valued at $1,460,000 after buying an additional 99 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company lowered their target price on shares of Elevance Health from $593.00 to $495.00 and set an "overweight" rating on the stock in a report on Monday, November 4th. Barclays lowered their target price on shares of Elevance Health from $622.00 to $501.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. TD Cowen reduced their price target on shares of Elevance Health from $589.00 to $484.00 and set a "buy" rating on the stock in a research report on Monday, October 21st. Stephens reiterated an "underperform" rating on shares of Elevance Health in a research report on Friday, October 18th. Finally, Mizuho reduced their price target 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. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $539.20.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business's stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.35% of the company's stock.

Elevance Health Stock Down 2.8 %

Shares of ELV traded down $10.84 during mid-day trading on Friday, hitting $382.14. 2,730,973 shares of the company's stock were exchanged, compared to its average volume of 1,710,815. The company has a market cap of $88.63 billion, a PE ratio of 13.93, a P/E/G ratio of 1.19 and a beta of 0.83. Elevance Health, Inc. has a 52 week low of $379.29 and a 52 week high of $567.26. The company has a 50-day simple moving average of $434.22 and a 200 day simple moving average of $499.31. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). The business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. Elevance Health's revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $8.99 earnings per share. On average, research analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business 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 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 yield of 1.71%. Elevance Health's dividend payout ratio (DPR) is 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.