Eastern Bank Makes New $31,000 Investment in Elevance Health, Inc. (NYSE:ELV)

Eastern Bank purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the third quarter, Holdings Channel reports. The fund purchased 59 shares of the company’s stock, valued at approximately $31,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC boosted its position in Elevance Health by 5.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 6,665 shares of the company’s stock worth $3,466,000 after acquiring an additional 337 shares during the period. Foundations Investment Advisors LLC lifted its holdings in shares of Elevance Health by 15.4% in the third quarter. Foundations Investment Advisors LLC now owns 29,137 shares of the company’s stock valued at $15,151,000 after buying an additional 3,893 shares during the period. Waterway Wealth Management LLC lifted its holdings in shares of Elevance Health by 18.2% in the third quarter. Waterway Wealth Management LLC now owns 538 shares of the company’s stock valued at $280,000 after buying an additional 83 shares during the period. Northwest Investment Counselors LLC acquired a new stake in shares of Elevance Health in the third quarter valued at $55,000. Finally, Livelsberger Financial Advisory acquired a new stake in shares of Elevance Health in the third quarter valued at $155,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of several research analyst reports. Cantor Fitzgerald cut their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Royal Bank of Canada cut their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Wells Fargo & Company restated a “buy” rating on shares of Elevance Health in a report on Friday, October 18th. Truist Financial reaffirmed a “buy” rating and set a $520.00 target price (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Finally, Raymond James set a $485.00 target price on Elevance Health in a research report on Friday, October 18th. One investment 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’s stock. According to MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and an average price target of $551.07.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Up 1.5 %

NYSE:ELV opened at $425.27 on Friday. The firm has a market capitalization of $98.84 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 1.08 and a beta of 0.82. Elevance Health, Inc. has a 1-year low of $397.98 and a 1-year high of $567.26. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The business’s fifty day moving average price is $515.15 and its 200 day moving average price is $524.55.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). The business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm posted $8.99 earnings per share. On average, sell-side analysts forecast that Elevance Health, Inc. will post 37.26 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is currently 24.64%.

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.