Harbour Investments Inc. Lowers Holdings in Elevance Health, Inc. (NYSE:ELV)

Harbour Investments Inc. decreased its stake in Elevance Health, Inc. (NYSE:ELV) by 1.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,057 shares of the company’s stock after selling 32 shares during the quarter. Harbour Investments Inc.’s holdings in Elevance Health were worth $1,070,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Bank & Trust Co purchased a new stake in shares of Elevance Health in the second quarter worth about $27,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health in the 2nd quarter worth about $28,000. PSI Advisors LLC acquired a new position in Elevance Health in the 3rd quarter worth about $27,000. Eastern Bank acquired a new position in Elevance Health in the 3rd quarter worth about $31,000. Finally, Crewe Advisors LLC acquired a new position in Elevance Health in the 1st quarter worth about $40,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

ELV stock opened at $407.04 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. The business has a 50 day simple moving average of $480.88 and a 200-day simple moving average of $515.30. The firm has a market capitalization of $94.40 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 1.23 and a beta of 0.85. Elevance Health, Inc. has a 1 year low of $397.98 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). The business had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.99 earnings per share. Equities research 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 disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.60%. Elevance Health’s payout ratio is 23.77%.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.35% of the company’s stock.

Analysts Set New Price Targets

ELV has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price target on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a report on Monday, November 4th. UBS Group reduced their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. Argus cut Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Cantor Fitzgerald reduced their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Finally, Barclays reduced their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $539.20.

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.