Victory Capital Management Inc. Raises Stake in Elevance Health, Inc. (NYSE:ELV)

Victory Capital Management Inc. boosted its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 4.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 203,042 shares of the company's stock after buying an additional 8,851 shares during the period. Victory Capital Management Inc. owned 0.09% of Elevance Health worth $105,582,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of ELV. Iridian Asset Management LLC CT lifted its holdings in shares of Elevance Health by 10.7% during the third quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company's stock valued at $20,360,000 after purchasing an additional 3,786 shares during the last quarter. International Assets Investment Management LLC raised its holdings 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 valued at $276,972,000 after purchasing an additional 532,016 shares during the last quarter. abrdn plc lifted its position in Elevance Health by 32.2% during the third quarter. abrdn plc now owns 360,134 shares of the company's stock valued at $186,540,000 after purchasing an additional 87,717 shares during the period. Blair William & Co. IL boosted its holdings in Elevance Health by 119.7% in the first quarter. Blair William & Co. IL now owns 12,134 shares of the company's stock worth $6,292,000 after purchasing an additional 6,610 shares during the last quarter. Finally, AMI Investment Management Inc. bought a new stake in Elevance Health in the 3rd quarter worth approximately $1,294,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Price Performance

Shares of NYSE ELV traded down $3.85 during trading on Thursday, reaching $407.04. The company had a trading volume of 1,783,758 shares, compared to its average volume of 1,158,312. The stock has a 50-day moving average price of $480.88 and a two-hundred day moving average price of $515.30. 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 stock has a market capitalization of $94.40 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 1.23 and a beta of 0.85. Elevance Health, Inc. has a twelve month low of $397.98 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts' consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the business posted $8.99 earnings per share. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, sell-side analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Thursday, December 5th. Elevance Health's payout ratio is 23.77%.

Insider Buying and Selling at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business'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 value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares in the company, 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 filing with the SEC, which is accessible through this link. Corporate insiders own 0.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ELV shares. Bank of America restated a "neutral" rating and issued a $530.00 price target (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. UBS Group cut their price target on Elevance Health from $605.00 to $555.00 and set a "buy" rating for the company in a research note on Friday, October 18th. Morgan Stanley dropped their price objective on shares of Elevance Health from $643.00 to $551.00 and set an "overweight" rating on the stock in a report on Wednesday, October 23rd. Mizuho decreased 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. Finally, Cantor Fitzgerald decreased their target price on Elevance Health from $600.00 to $485.00 and set an "overweight" rating on the stock in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $539.20.

Elevance Health Company 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.