Wilmington Savings Fund Society FSB Acquires New Position in Elevance Health, Inc. (NYSE:ELV)

Wilmington Savings Fund Society FSB purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,571 shares of the company's stock, valued at approximately $2,377,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. ORG Partners LLC grew its stake in Elevance Health by 643.8% during the 2nd quarter. ORG Partners LLC now owns 119 shares of the company's stock worth $64,000 after purchasing an additional 103 shares in the last quarter. Oakworth Capital Inc. grew its position in shares of Elevance Health by 207.3% during the second quarter. Oakworth Capital Inc. now owns 338 shares of the company's stock worth $183,000 after buying an additional 228 shares in the last quarter. Raymond James & Associates increased its stake in shares of Elevance Health by 1.8% during the second quarter. Raymond James & Associates now owns 268,561 shares of the company's stock worth $145,522,000 after buying an additional 4,756 shares during the period. KFG Wealth Management LLC raised its holdings in Elevance Health by 7.3% in the second quarter. KFG Wealth Management LLC now owns 1,032 shares of the company's stock valued at $559,000 after acquiring an additional 70 shares in the last quarter. Finally, Apollon Wealth Management LLC lifted its stake in Elevance Health by 17.1% in the second quarter. Apollon Wealth Management LLC now owns 3,785 shares of the company's stock worth $2,051,000 after acquiring an additional 553 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insiders Place Their Bets

In other Elevance Health 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 transaction of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.35% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on ELV. Argus downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, October 18th. Morgan Stanley cut their price target on Elevance Health from $643.00 to $551.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 23rd. Stephens reaffirmed an "underperform" rating on shares of Elevance Health in a research report on Friday, October 18th. Cantor Fitzgerald dropped their price objective on Elevance Health from $600.00 to $485.00 and set an "overweight" rating on the stock in a report on Friday, October 18th. Finally, TD Cowen decreased their target price on Elevance Health from $589.00 to $484.00 and set a "buy" rating for the company in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Elevance Health presently has an average rating of "Moderate Buy" and a consensus price target of $539.20.

Elevance Health Stock Performance

Shares of NYSE:ELV traded up $3.02 on Friday, reaching $381.41. The company's stock had a trading volume of 1,921,092 shares, compared to its average volume of 1,221,416. Elevance Health, Inc. has a 52-week low of $375.29 and a 52-week high of $567.26. The stock has a market capitalization of $88.46 billion, a P/E ratio of 13.90, a PEG ratio of 1.15 and a beta of 0.83. The stock's 50-day moving average is $422.32 and its two-hundred day moving average is $494.43. 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 posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 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 analysts' expectations of $43.47 billion. During the same period in the prior year, the company earned $8.99 earnings per share. The firm's revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.71%. Elevance Health's dividend payout ratio is currently 23.77%.

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.