GAMMA Investing LLC Trims Stake in Elevance Health, Inc. (NYSE:ELV)

GAMMA Investing LLC decreased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 41.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,802 shares of the company’s stock after selling 1,296 shares during the period. GAMMA Investing LLC’s holdings in Elevance Health were worth $665,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in ELV. Principal Financial Group Inc. raised its stake in Elevance Health by 4.5% in the 3rd quarter. Principal Financial Group Inc. now owns 272,649 shares of the company’s stock valued at $141,777,000 after purchasing an additional 11,646 shares during the last quarter. Brass Tax Wealth Management Inc. raised its position in shares of Elevance Health by 44.1% in the third quarter. Brass Tax Wealth Management Inc. now owns 640 shares of the company’s stock valued at $333,000 after buying an additional 196 shares during the last quarter. DGS Capital Management LLC lifted its stake in shares of Elevance Health by 2.6% during the third quarter. DGS Capital Management LLC now owns 2,316 shares of the company’s stock valued at $1,204,000 after buying an additional 58 shares during the period. Oddo BHF Asset Management Sas acquired a new stake in Elevance Health during the third quarter worth approximately $10,883,000. Finally, Franklin Resources Inc. grew its stake in Elevance Health by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 1,212,839 shares of the company’s stock worth $617,359,000 after acquiring an additional 168,220 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ELV has been the topic of several recent analyst reports. Wells Fargo & Company reduced their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. UBS Group lowered their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. Mizuho cut their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. TD Cowen lowered their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Finally, Royal Bank of Canada cut their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, three have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $371.56 on Friday. The company has a market cap of $86.17 billion, a P/E ratio of 13.55, a PEG ratio of 1.15 and a beta of 0.84. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26. The business’s 50-day simple moving average is $394.43 and its 200 day simple moving average is $477.48. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates 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 for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm posted $8.99 earnings per share. On average, sell-side analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Thursday, December 5th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.75%. Elevance Health’s dividend payout ratio is presently 23.77%.

Elevance Health 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.