Elevance Health, Inc. $ELV Stock Sold by Convergence Financial LLC

Convergence Financial LLC trimmed its position in Elevance Health, Inc. (NYSE:ELV) by 52.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,339 shares of the company’s stock after selling 2,529 shares during the period. Convergence Financial LLC’s holdings in Elevance Health were worth $910,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ELV. Field & Main Bank increased its position in shares of Elevance Health by 1.3% during the 2nd quarter. Field & Main Bank now owns 1,883 shares of the company’s stock valued at $728,000 after purchasing an additional 25 shares during the period. Simplicity Wealth LLC raised its stake in shares of Elevance Health by 1.3% in the 3rd quarter. Simplicity Wealth LLC now owns 1,939 shares of the company’s stock worth $754,000 after buying an additional 25 shares in the last quarter. Tranquilli Financial Advisor LLC raised its stake in shares of Elevance Health by 1.3% in the 2nd quarter. Tranquilli Financial Advisor LLC now owns 2,081 shares of the company’s stock worth $805,000 after buying an additional 26 shares in the last quarter. Mather Group LLC. lifted its holdings in shares of Elevance Health by 3.5% in the third quarter. Mather Group LLC. now owns 766 shares of the company’s stock valued at $298,000 after buying an additional 26 shares during the period. Finally, 55 North Private Wealth LLC lifted its holdings in shares of Elevance Health by 4.5% in the third quarter. 55 North Private Wealth LLC now owns 598 shares of the company’s stock valued at $233,000 after buying an additional 26 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 10,584 shares of the company’s stock in a transaction dated 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 approximately $8,766,949.47. This represents a 34.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.34% of the company’s stock.

Elevance Health Price Performance

NYSE ELV opened at $413.42 on Thursday. The stock has a market capitalization of $89.32 billion, a P/E ratio of 17.63, a P/E/G ratio of 2.10 and a beta of 0.70. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $450.69. The business’s fifty day moving average is $409.71 and its two-hundred day moving average is $371.85. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.47 and a current ratio of 1.47.

Elevance Health (NYSE:ELV) last announced 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. Elevance Health had a return on equity of 14.97% and a net margin of 2.55%. The company had revenue of $50.44 billion for the quarter, compared to analyst estimates of $49.28 billion. During the same period in the previous year, the firm earned $6.03 earnings per share. Elevance Health’s revenue for the quarter was up .7% compared to the same quarter last year. On average, research analysts forecast that Elevance Health, Inc. will post 29.15 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, December 4th. Elevance Health’s payout ratio is presently 29.34%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wells Fargo & Company raised their target price on Elevance Health from $473.00 to $492.00 and gave the company an “overweight” rating in a research note on Tuesday. Leerink Partners boosted their price target on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. Raymond James Financial set a $450.00 price target on shares of Elevance Health in a report on Tuesday, July 7th. Robert W. Baird upped their price target on shares of Elevance Health from $393.00 to $406.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. Finally, TD Cowen raised their price objective on shares of Elevance Health from $465.00 to $495.00 and gave the company a “buy” rating in a research report on Friday, October 23rd. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $456.48.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.