Empower Advisory Group LLC Cuts Position in Elevance Health, Inc. $ELV

Empower Advisory Group LLC lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 5.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 2,902 shares of the company’s stock after selling 173 shares during the quarter. Empower Advisory Group LLC’s holdings in Elevance Health were worth $1,129,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. WPG Advisers LLC acquired a new stake in Elevance Health in the 1st quarter valued at $29,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of Elevance Health in the second quarter valued at about $32,000. Saudi Central Bank purchased a new stake in shares of Elevance Health during the 1st quarter valued at about $40,000. Glass Jacobson Investment Advisors llc lifted its position in Elevance Health by 400.0% during the 2nd quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after acquiring an additional 80 shares in the last quarter. Finally, Trust Co. of Toledo NA OH acquired a new position in Elevance Health during the 2nd quarter worth approximately $43,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the topic of a number of analyst reports. The Goldman Sachs Group assumed coverage on shares of Elevance Health in a research note on Tuesday, October 14th. They set a “neutral” rating and a $343.00 price objective on the stock. UBS Group lowered their price target on shares of Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a report on Friday, September 5th. Barclays cut their price objective on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. TD Cowen lifted their target price on Elevance Health from $330.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Finally, Mizuho cut their price target on Elevance Health from $420.00 to $400.00 and set an “outperform” rating on the stock in a research note on Monday, November 3rd. Twelve research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $397.33.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore bought 1,200 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were purchased at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is currently owned by company insiders.

Elevance Health Trading Down 0.7%

NYSE:ELV opened at $325.94 on Monday. The company has a market cap of $72.44 billion, a PE ratio of 13.33, a P/E/G ratio of 1.23 and a beta of 0.60. The business’s 50 day moving average is $329.73 and its two-hundred day moving average is $340.77. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $458.75.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00. The business had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The business’s revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the company posted $8.37 EPS. On average, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio is currently 27.96%.

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.