683 Capital Management LLC Sells 2,000 Shares of Elevance Health, Inc. $ELV

683 Capital Management LLC trimmed its holdings in Elevance Health, Inc. (NYSE:ELV) by 7.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,000 shares of the company’s stock after selling 2,000 shares during the period. 683 Capital Management LLC’s holdings in Elevance Health were worth $9,724,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in Elevance Health during the first quarter valued at about $2,116,000. Kovitz Investment Group Partners LLC raised its stake in shares of Elevance Health by 144.2% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 32,640 shares of the company’s stock valued at $14,197,000 after acquiring an additional 19,275 shares in the last quarter. Trivium Point Advisory LLC acquired a new stake in Elevance Health in the 1st quarter worth approximately $242,000. Horizon Investments LLC boosted its position in Elevance Health by 4.4% during the first quarter. Horizon Investments LLC now owns 4,021 shares of the company’s stock worth $1,749,000 after purchasing an additional 169 shares during the period. Finally, Liontrust Investment Partners LLP boosted its position in Elevance Health by 24.8% during the first quarter. Liontrust Investment Partners LLP now owns 29,782 shares of the company’s stock worth $12,954,000 after purchasing an additional 5,915 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. Truist Financial set a $400.00 target price on shares of Elevance Health in a report on Tuesday, October 14th. Morgan Stanley boosted their target price on shares of Elevance Health from $316.00 to $359.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 14th. Cowen reaffirmed a “buy” rating on shares of Elevance Health in a research report on Wednesday, November 26th. Finally, JPMorgan Chase & Co. lifted their price objective on Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Twelve research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $400.83.

Elevance Health Trading Down 0.4%

Shares of Elevance Health stock opened at $358.95 on Friday. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $79.77 billion, a PE ratio of 14.67, a price-to-earnings-growth ratio of 1.67 and a beta of 0.52. The company’s fifty day moving average price is $335.31 and its two-hundred day moving average price is $332.35.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The company had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same period last year, the business earned $8.37 earnings per share. The business’s revenue was up 12.0% on a year-over-year basis. On average, analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be paid a $1.71 dividend. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.9%. Elevance Health’s payout ratio is 27.96%.

About Elevance Health

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.