Elevance Health, Inc. $ELV Stock Purchased by Fifth Third Bancorp

Fifth Third Bancorp boosted its stake in Elevance Health, Inc. (NYSE:ELV) by 16.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 46,558 shares of the company’s stock after purchasing an additional 6,565 shares during the quarter. Fifth Third Bancorp’s holdings in Elevance Health were worth $18,103,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Activest Wealth Management grew its stake in Elevance Health by 146.2% during the third quarter. Activest Wealth Management now owns 64 shares of the company’s stock worth $25,000 after buying an additional 38 shares during the period. WealthCollab LLC raised its stake in shares of Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after acquiring an additional 27 shares during the period. Kilter Group LLC purchased a new position in shares of Elevance Health in the 2nd quarter valued at $28,000. Main Street Group LTD purchased a new position in shares of Elevance Health in the 1st quarter valued at $39,000. Finally, Elevation Wealth Partners LLC lifted its holdings in shares of Elevance Health by 600.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after acquiring an additional 90 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of NYSE ELV opened at $429.50 on Friday. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $450.69. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $92.80 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 2.05 and a beta of 0.63. The business has a 50 day simple moving average of $415.40 and a 200-day simple moving average of $375.20.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, October 21st. The company reported $6.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.71 by $2.28. The firm had revenue of $50.44 billion for the quarter, compared to analysts’ expectations of $49.28 billion. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. Elevance Health’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the company posted $6.03 earnings per share. As a group, equities research analysts expect that Elevance Health, Inc. will post 29.15 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be given a $1.72 dividend. The ex-dividend date is Friday, December 4th. This represents a $6.88 annualized dividend and a yield of 1.6%. Elevance Health’s payout ratio is 29.34%.

Insider Activity

In related news, CFO Mark Kaye sold 10,584 shares of the stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the completion of the sale, the chief financial officer directly owned 19,919 shares of the company’s stock, valued at $8,766,949.47. This represents a 34.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ratnakar Lavu sold 1,300 shares of the stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $440.00, for a total value of $572,000.00. Following the sale, the executive vice president owned 14,849 shares of the company’s stock, valued at $6,533,560. This trade represents a 8.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a research report on Wednesday. Robert W. Baird raised their price objective on Elevance Health from $393.00 to $406.00 and gave the company a “neutral” rating in a research report on Thursday, October 22nd. UBS Group boosted their price objective on Elevance Health from $460.00 to $523.00 and gave the stock a “buy” rating in a research note on Thursday, October 22nd. Guggenheim upped their target price on Elevance Health from $460.00 to $485.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Finally, Leerink Partners increased their target price on Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Fifteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average target price of $456.48.

About Elevance Health

Elevance Health, Inc. is a U.S. health benefits and services company. Formerly known as Anthem, Inc., it adopted the Elevance Health name in 2022 while retaining the Anthem brand for many of its health plans. The company offers medical, pharmacy, dental, vision and behavioral health coverage, including plans for individuals and employers as well as programs serving Medicare and Medicaid members. Its services also include care management, pharmacy benefit services and other health-related capabilities through its Carelon business.