Axxcess Wealth Management LLC Trims Stake in Elevance Health, Inc. (NYSE:ELV)

Axxcess Wealth Management LLC cut its holdings in Elevance Health, Inc. (NYSE:ELV) by 17.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,019 shares of the company’s stock after selling 210 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Elevance Health were worth $530,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ELV. Sigma Planning Corp increased its position in shares of Elevance Health by 4.8% during the third quarter. Sigma Planning Corp now owns 2,385 shares of the company’s stock worth $1,240,000 after purchasing an additional 109 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its stake in shares of Elevance Health by 12.6% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 555 shares of the company’s stock valued at $289,000 after purchasing an additional 62 shares during the last quarter. Oxbow Advisors LLC raised its holdings in shares of Elevance Health by 0.5% in the 3rd quarter. Oxbow Advisors LLC now owns 10,426 shares of the company’s stock valued at $5,421,000 after buying an additional 54 shares during the period. Assetmark Inc. raised its holdings in shares of Elevance Health by 1.8% in the 3rd quarter. Assetmark Inc. now owns 12,135 shares of the company’s stock valued at $6,310,000 after buying an additional 220 shares during the period. Finally, Verdence Capital Advisors LLC increased its holdings in Elevance Health by 12.3% during the 3rd quarter. Verdence Capital Advisors LLC now owns 18,661 shares of the company’s stock worth $9,704,000 after purchasing an additional 2,039 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on 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 transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.35% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ELV shares. TD Cowen cut their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Cantor Fitzgerald decreased their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Royal Bank of Canada reduced their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Finally, UBS Group dropped their price objective 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. 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Trading Down 0.5 %

Shares of NYSE:ELV opened at $410.89 on Thursday. The company has a market cap of $95.29 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.23 and a beta of 0.85. The stock’s 50-day moving average is $483.60 and its 200-day moving average is $516.04. Elevance Health, Inc. has a 52-week low of $397.98 and a 52-week high of $567.26. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last announced 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 business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter in the prior year, the business earned $8.99 EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities research analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio 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.