Quest Partners LLC Acquires 1,550 Shares of Elevance Health, Inc. (NYSE:ELV)

Quest Partners LLC increased its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 201.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,319 shares of the company's stock after purchasing an additional 1,550 shares during the period. Quest Partners LLC's holdings in Elevance Health were worth $1,206,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ELV. Pathway Financial Advisers LLC raised its holdings in Elevance Health by 51,967.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company's stock worth $341,956,000 after purchasing an additional 656,344 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Elevance Health by 85,533.1% during the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company's stock worth $276,972,000 after buying an additional 532,016 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company's stock valued at $1,117,698,000 after buying an additional 523,910 shares during the period. Maj Invest Holding A S bought a new position in Elevance Health in the second quarter valued at approximately $173,753,000. Finally, First Eagle Investment Management LLC grew its holdings in Elevance Health by 15.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company's stock worth $1,115,301,000 after acquiring an additional 275,708 shares during the period. Institutional investors and hedge funds own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ELV shares. Wells Fargo & Company dropped their price objective on Elevance Health from $593.00 to $495.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. Cantor Fitzgerald cut their target price on shares of Elevance Health from $600.00 to $485.00 and set an "overweight" rating for the company in a research note on Friday, October 18th. Truist Financial restated a "buy" rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. Finally, Morgan Stanley reduced their price target on Elevance Health from $643.00 to $551.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Elevance Health presently has a consensus rating of "Moderate Buy" and an average price target of $539.20.

Elevance Health Price Performance

ELV stock traded up $3.28 during midday trading 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. Elevance Health, Inc. has a 1 year low of $391.02 and a 1 year high of $567.26. The firm has a 50-day moving average price of $469.43 and a 200-day moving average price of $511.63. The company has a market capitalization 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. 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 earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analysts' expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $8.99 earnings per share. On average, research analysts anticipate 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 given a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.64%. Elevance Health's dividend payout ratio is presently 23.77%.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business's stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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.