Tidal Investments LLC Grows Stake in Elevance Health, Inc. (NYSE:ELV)

Tidal Investments LLC raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 60.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,485 shares of the company's stock after acquiring an additional 3,956 shares during the period. Tidal Investments LLC's holdings in Elevance Health were worth $5,452,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raelipskie Partnership purchased a new stake in Elevance Health during the 3rd quarter valued at about $26,000. PSI Advisors LLC bought a new stake in shares of Elevance Health during the third quarter valued at approximately $27,000. Eastern Bank purchased a new position in Elevance Health in the 3rd quarter worth approximately $31,000. Dunhill Financial LLC lifted its position in Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company's stock valued at $37,000 after acquiring an additional 26 shares in the last quarter. Finally, Peterson Financial Group Inc. purchased a new stake in Elevance Health during the 3rd quarter valued at $44,000. 89.24% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company'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 sale, the executive vice president now directly owns 8,423 shares of the company's stock, valued at $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.35% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Raymond James set a $485.00 price target on Elevance Health in a research note on Friday, October 18th. Morgan Stanley decreased their target price on Elevance Health from $643.00 to $551.00 and set an "overweight" rating for the company in a research report on Wednesday, October 23rd. Argus downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, October 18th. Barclays decreased their price objective on shares of Elevance Health from $622.00 to $501.00 and set an "overweight" rating for the company in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company lowered their price objective on shares of Elevance Health from $593.00 to $495.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $539.20.

Elevance Health Price Performance

ELV traded up $3.02 on Friday, hitting $381.41. 1,921,092 shares of the company's stock traded hands, compared to its average volume of 1,221,416. Elevance Health, Inc. has a one year low of $375.29 and a one year high of $567.26. 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 $88.46 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 1.15 and a beta of 0.83. The company's 50 day simple moving average is $422.32 and its 200-day simple moving average is $494.43.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter in the previous year, the business earned $8.99 EPS. The company's quarterly revenue was up 5.3% on a year-over-year basis. As a group, research analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current 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 issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Thursday, December 5th. Elevance Health's dividend payout ratio (DPR) is presently 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.