Fortem Financial Group LLC Buys 44 Shares of Elevance Health, Inc. (NYSE:ELV)

Fortem Financial Group LLC increased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 1.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,355 shares of the company’s stock after acquiring an additional 44 shares during the quarter. Fortem Financial Group LLC’s holdings in Elevance Health were worth $869,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Raelipskie Partnership purchased a new stake in Elevance Health in the 3rd quarter worth $26,000. PSI Advisors LLC purchased a new position in shares of Elevance Health during the 3rd quarter worth about $27,000. Strategic Financial Concepts LLC purchased a new stake in shares of Elevance Health in the second quarter worth approximately $30,000. Eastern Bank bought a new stake in shares of Elevance Health during the 3rd quarter worth approximately $31,000. Finally, Dunhill Financial LLC grew its position in Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on ELV. UBS Group dropped their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Raymond James set a $485.00 price target on Elevance Health in a research report on Friday, October 18th. Wells Fargo & Company decreased their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a report on Monday, November 4th. TD Cowen cut their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Finally, Truist Financial lowered their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $536.53.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Price Performance

Shares of NYSE ELV traded up $6.41 during midday trading on Monday, hitting $377.97. The stock had a trading volume of 1,079,142 shares, compared to its average volume of 1,166,610. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The company has a market capitalization of $87.66 billion, a PE ratio of 13.78, a P/E/G ratio of 1.15 and a beta of 0.84. The stock has a 50 day simple moving average of $394.43 and a 200-day simple moving average of $476.77. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period last year, the firm posted $8.99 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Thursday, December 5th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Elevance Health 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.