3,000 Shares in Elevance Health, Inc. (NYSE:ELV) Acquired by Connective Portfolio Management LLC

Connective Portfolio Management LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV) in the 3rd quarter, according to its most recent filing with the SEC. The fund purchased 3,000 shares of the company’s stock, valued at approximately $1,560,000. Elevance Health comprises about 1.7% of Connective Portfolio Management LLC’s portfolio, making the stock its 14th largest position.

A number of other large investors also recently made changes to their positions in ELV. Brookstone Capital Management lifted its position in Elevance Health by 7.5% during the third quarter. Brookstone Capital Management now owns 1,399 shares of the company’s stock worth $728,000 after buying an additional 97 shares during the period. Trust Co of Kansas purchased a new position in shares of Elevance Health during the 3rd quarter worth about $256,000. Sugarloaf Wealth Management LLC boosted its position in shares of Elevance Health by 15.4% in the third quarter. Sugarloaf Wealth Management LLC now owns 374 shares of the company’s stock worth $195,000 after acquiring an additional 50 shares during the last quarter. Atomi Financial Group Inc. grew its holdings in Elevance Health by 4.2% in the third quarter. Atomi Financial Group Inc. now owns 615 shares of the company’s stock valued at $320,000 after purchasing an additional 25 shares during the period. Finally, Insight Wealth Strategies LLC increased its position in Elevance Health by 2.1% during the third quarter. Insight Wealth Strategies LLC now owns 3,083 shares of the company’s stock worth $1,603,000 after purchasing an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Ratings Changes

ELV has been the topic of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a report on Tuesday, October 1st. Bank of America reissued a “neutral” rating and set a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Royal Bank of Canada raised their price objective on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Wells Fargo & Company decreased their target price on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Finally, Barclays cut their price target on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $604.29.

Elevance Health Stock Up 0.8 %

ELV stock traded up $3.85 during trading on Wednesday, reaching $493.32. The stock had a trading volume of 77,656 shares, compared to its average volume of 1,016,773. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm has a fifty day moving average price of $534.17 and a 200 day moving average price of $529.57. The company has a market capitalization of $114.66 billion, a P/E ratio of 18.50, a PEG ratio of 1.17 and a beta of 0.82. Elevance Health, Inc. has a 1-year low of $435.99 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. During the same quarter in the prior year, the business posted $9.04 earnings per share. Elevance Health’s revenue for the quarter was down .4% on a year-over-year basis. On average, equities analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.32%. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at approximately $63,478,674.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,058 shares of company stock valued at $17,588,116. Insiders own 0.35% of the company’s stock.

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.