Legacy Capital Group California Inc. Has $286,000 Stock Position in Elevance Health, Inc. (NYSE:ELV)

Legacy Capital Group California Inc. lowered its position in Elevance Health, Inc. (NYSE:ELV) by 5.0% in the third quarter, Holdings Channel.com reports. The fund owned 550 shares of the company’s stock after selling 29 shares during the period. Legacy Capital Group California Inc.’s holdings in Elevance Health were worth $286,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC increased its holdings in Elevance Health by 85,533.1% in the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after buying an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Elevance Health by 34.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after purchasing an additional 523,910 shares during the period. M&G Plc acquired a new stake in Elevance Health in the 1st quarter valued at $203,389,000. Maj Invest Holding A S bought a new stake in Elevance Health in the second quarter valued at $173,753,000. Finally, First Eagle Investment Management LLC raised its stake in Elevance Health by 15.5% during the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after acquiring an additional 275,708 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Trading Up 1.5 %

ELV opened at $425.35 on Friday. The firm has a 50 day simple moving average of $517.51 and a 200 day simple moving average of $525.13. The company has a market cap of $98.86 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. Elevance Health, Inc. has a fifty-two week low of $397.98 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

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). The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $8.99 earnings per share. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Announces Dividend

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

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of the business’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 sale, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ELV shares. Stephens restated an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Royal Bank of Canada dropped their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Bank of America restated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Wells Fargo & Company reiterated a “buy” rating on shares of Elevance Health in a research report on Friday, October 18th. Finally, Morgan Stanley decreased their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $551.07.

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.