MAI Capital Management Has $7.50 Million Position in Elevance Health, Inc. (NYSE:ELV)

MAI Capital Management trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 5.3% during the third quarter, HoldingsChannel.com reports. The firm owned 14,415 shares of the company’s stock after selling 809 shares during the period. MAI Capital Management’s holdings in Elevance Health were worth $7,496,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank & Trust Co bought a new stake in Elevance Health during the 2nd quarter worth approximately $27,000. PSI Advisors LLC bought a new position in Elevance Health during the 3rd quarter worth $27,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health during the 2nd quarter worth about $28,000. Strategic Financial Concepts LLC bought a new stake in shares of Elevance Health in the 2nd quarter valued at about $30,000. Finally, Eastern Bank acquired a new stake in shares of Elevance Health in the third quarter valued at about $31,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ELV has been the topic of a number of recent analyst reports. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Cantor Fitzgerald reduced their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Mizuho lowered their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Barclays cut their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Finally, Wells Fargo & Company lowered their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $400.69 on Tuesday. The stock has a market capitalization of $92.93 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.19 and a beta of 0.85. Elevance Health, Inc. has a 52 week low of $397.92 and a 52 week high of $567.26. The stock has a 50 day moving average price of $472.43 and a two-hundred day moving average price of $512.56. 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 posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same period in the previous year, the business posted $8.99 EPS. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.63%. Elevance Health’s dividend payout ratio is presently 23.77%.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on 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 completion of the sale, 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 46.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.35% of the stock is owned by insiders.

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.