Empower Advisory Group LLC Sells 136 Shares of Elevance Health, Inc. (NYSE:ELV)

Empower Advisory Group LLC lowered its stake in Elevance Health, Inc. (NYSE:ELV) by 5.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,455 shares of the company’s stock after selling 136 shares during the quarter. Empower Advisory Group LLC’s holdings in Elevance Health were worth $1,277,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank & Trust Co bought a new stake in Elevance Health during the 2nd quarter valued at approximately $27,000. PSI Advisors LLC purchased a new position in shares of Elevance Health in the 3rd quarter worth approximately $27,000. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health in the 2nd quarter worth approximately $28,000. Strategic Financial Concepts LLC purchased a new position in shares of Elevance Health in the 2nd quarter worth approximately $30,000. Finally, Eastern Bank purchased a new position in Elevance Health during the 3rd quarter valued at $31,000. Institutional investors own 89.24% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ELV. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. UBS Group reduced their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Cantor Fitzgerald dropped their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Morgan Stanley lowered their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Finally, TD Cowen reduced their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.35% of the company’s stock.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $410.89 on Thursday. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. 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 stock has a market capitalization of $95.29 billion, a P/E ratio of 14.98, a PEG ratio of 1.23 and a beta of 0.85. The business has a 50 day simple moving average of $483.60 and a two-hundred day simple moving average of $516.04.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same period in the prior year, the business posted $8.99 EPS. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.59%. Elevance Health’s dividend payout ratio is presently 23.77%.

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.