Concord Asset Management LLC VA Acquires 210 Shares of Elevance Health, Inc. (NYSE:ELV)

Concord Asset Management LLC VA lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 11.6% during the 3rd quarter, Holdings Channel reports. The firm owned 2,013 shares of the company’s stock after purchasing an additional 210 shares during the period. Concord Asset Management LLC VA’s holdings in Elevance Health were worth $1,047,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ELV. Bank & Trust Co bought a new position in Elevance Health in the second quarter valued at approximately $27,000. PSI Advisors LLC bought a new position in Elevance Health in the third quarter valued at approximately $27,000. Opal Wealth Advisors LLC bought a new position in Elevance Health in the second quarter valued at approximately $28,000. Strategic Financial Concepts LLC bought a new position in Elevance Health in the second quarter valued at approximately $30,000. Finally, Eastern Bank bought a new position in Elevance Health in the third quarter valued at approximately $31,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Trading Down 1.6 %

ELV opened at $400.69 on Friday. 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, Inc. has a fifty-two week low of $397.98 and a fifty-two week high of $567.26. The firm has a market capitalization of $92.93 billion, a PE ratio of 14.61, a P/E/G ratio of 1.19 and a beta of 0.85. The company’s 50-day moving average is $475.29 and its 200 day moving average is $513.52.

Elevance Health (NYSE:ELV) 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). The firm had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the business posted $8.99 EPS. As a group, research analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal 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 of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.63%. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Barclays decreased their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Truist Financial reaffirmed a “buy” rating and set a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Wells Fargo & Company decreased their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. TD Cowen decreased their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, Morgan Stanley cut their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Company 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.