Elevance Health, Inc. $ELV Stock Sold by Beutel Goodman & Co Ltd.

Beutel Goodman & Co Ltd. trimmed its holdings in Elevance Health, Inc. (NYSE:ELV) by 25.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 429,951 shares of the company’s stock after selling 148,512 shares during the period. Beutel Goodman & Co Ltd.’s holdings in Elevance Health were worth $167,173,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Elevance Health during the second quarter worth approximately $7,344,424,000. Bank of New York Mellon Corp bought a new position in Elevance Health during the 2nd quarter worth $1,246,349,000. Legal & General Group Plc acquired a new position in Elevance Health in the 2nd quarter valued at $688,469,000. Amundi raised its holdings in Elevance Health by 145.7% in the 1st quarter. Amundi now owns 2,693,664 shares of the company’s stock valued at $788,570,000 after acquiring an additional 1,597,497 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Elevance Health during the 2nd quarter valued at $591,084,000. 89.24% of the stock is currently owned by institutional investors.

Insider Transactions at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 10,584 shares of Elevance Health stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $440.13, for a total value of $4,658,335.92. Following the transaction, the chief financial officer owned 19,919 shares in the company, valued at $8,766,949.47. The trade was a 34.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ratnakar Lavu sold 1,300 shares of the stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $440.00, for a total transaction of $572,000.00. Following the completion of the transaction, the executive vice president directly owned 14,849 shares of the company’s stock, valued at $6,533,560. This trade represents a 8.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on Elevance Health from $473.00 to $492.00 and gave the stock an “overweight” rating in a report on Tuesday, October 27th. Leerink Partners boosted their price target on Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Sanford C. Bernstein set a $488.00 price objective on shares of Elevance Health in a research report on Thursday, July 16th. Morgan Stanley increased their price objective on shares of Elevance Health from $404.00 to $449.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 22nd. Finally, TD Cowen raised their target price on shares of Elevance Health from $465.00 to $495.00 and gave the company a “buy” rating in a report on Friday, October 23rd. Fifteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $456.48.

Elevance Health Stock Down 1.9%

Shares of ELV opened at $417.73 on Tuesday. The firm has a 50 day simple moving average of $413.37 and a two-hundred day simple moving average of $373.82. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.47 and a quick ratio of 1.47. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $450.69. The company has a market cap of $90.26 billion, a P/E ratio of 17.81, a P/E/G ratio of 2.07 and a beta of 0.63.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, October 21st. The company reported $6.99 earnings per share for the quarter, beating analysts’ consensus estimates of $4.71 by $2.28. The firm had revenue of $50.44 billion for the quarter, compared to the consensus estimate of $49.28 billion. Elevance Health had a return on equity of 14.97% and a net margin of 2.55%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business posted $6.03 EPS. Research analysts forecast that Elevance Health, Inc. will post 29.15 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be given a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, December 4th. Elevance Health’s dividend payout ratio is currently 29.34%.

About Elevance Health

Elevance Health, Inc is a U.S. health benefits and services company. Formerly known as Anthem, Inc, it adopted the Elevance Health name in 2022 while retaining the Anthem brand for many of its health plans.

The company offers medical, pharmacy, dental, vision and behavioral health coverage, including plans for individuals and employers as well as programs serving Medicare and Medicaid members. Its services also include care management, pharmacy benefit services and other health-related capabilities through its Carelon business.

Elevance Health operates primarily in the United States, with health plans serving members across multiple states and access to broader provider networks through its Blue Cross Blue Shield affiliations.