Elevance Health, Inc. (NYSE:ELV) Short Interest Up 10.0% in September

Elevance Health, Inc. (NYSE:ELV) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 2,420,000 shares, a growth of 10.0% from the September 15th total of 2,200,000 shares. Approximately 1.1% of the company’s shares are short sold. Based on an average daily volume of 1,030,000 shares, the short-interest ratio is currently 2.3 days.

Insider Transactions at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the sale, the chief executive officer now directly owns 126,709 shares in the company, valued at approximately $63,478,674.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,058 shares of company stock worth $17,588,116. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds have recently modified their holdings of ELV. Capital Advisors Ltd. LLC boosted its position in shares of Elevance Health by 8.8% in the first quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock worth $129,000 after purchasing an additional 20 shares during the period. Bedel Financial Consulting Inc. boosted its holdings in Elevance Health by 1.6% in the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock worth $647,000 after buying an additional 20 shares during the period. American Trust increased its stake in Elevance Health by 2.6% in the 1st quarter. American Trust now owns 775 shares of the company’s stock worth $402,000 after buying an additional 20 shares in the last quarter. Fiduciary Alliance LLC raised its holdings in Elevance Health by 3.6% during the first quarter. Fiduciary Alliance LLC now owns 611 shares of the company’s stock valued at $315,000 after acquiring an additional 21 shares during the period. Finally, Ascent Wealth Partners LLC lifted its position in shares of Elevance Health by 1.8% in the first quarter. Ascent Wealth Partners LLC now owns 1,193 shares of the company’s stock valued at $619,000 after acquiring an additional 21 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV traded down $50.88 during trading hours on Thursday, hitting $446.09. The stock had a trading volume of 8,285,258 shares, compared to its average volume of 1,067,396. Elevance Health has a 12 month low of $397.98 and a 12 month high of $567.26. The stock has a fifty day moving average price of $530.38 and a 200 day moving average price of $528.62. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market capitalization of $103.68 billion, a PE ratio of 16.86, a PEG ratio of 1.08 and a beta of 0.82.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.74 by ($1.37). The business had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $8.99 EPS. Analysts anticipate that Elevance Health will post 37.26 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ELV shares. TD Cowen cut their price objective on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Stephens reissued an “overweight” rating and issued a $615.00 target price on shares of Elevance Health in a report on Thursday, September 5th. Morgan Stanley began coverage on Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada upped their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of “Buy” and a consensus target price of $605.07.

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.