Commonwealth Equity Services LLC Lowers Stake in Elevance Health, Inc. $ELV

Commonwealth Equity Services LLC trimmed its position in Elevance Health, Inc. (NYSE:ELV) by 33.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,903 shares of the company’s stock after selling 18,095 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Elevance Health were worth $11,601,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Canoe Financial LP raised its stake in shares of Elevance Health by 18.1% in the 3rd quarter. Canoe Financial LP now owns 389,399 shares of the company’s stock valued at $125,823,000 after purchasing an additional 59,743 shares in the last quarter. Synergy Asset Management LLC increased its holdings in Elevance Health by 100.0% in the third quarter. Synergy Asset Management LLC now owns 104,334 shares of the company’s stock valued at $33,712,000 after buying an additional 52,167 shares during the last quarter. OLD National Bancorp IN raised its stake in Elevance Health by 44.8% during the second quarter. OLD National Bancorp IN now owns 6,267 shares of the company’s stock valued at $2,438,000 after buying an additional 1,939 shares in the last quarter. Verdence Capital Advisors LLC lifted its holdings in Elevance Health by 3.9% during the 2nd quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company’s stock worth $8,251,000 after buying an additional 790 shares during the last quarter. Finally, Lombard Odier Asset Management Switzerland SA grew its position in shares of Elevance Health by 14.3% in the 2nd quarter. Lombard Odier Asset Management Switzerland SA now owns 14,162 shares of the company’s stock worth $5,508,000 after acquiring an additional 1,768 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ELV shares. Zacks Research raised Elevance Health from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. boosted their target price on shares of Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Robert W. Baird boosted their price objective on Elevance Health from $297.00 to $340.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $320.00 target price (down from $332.00) on shares of Elevance Health in a research note on Friday, December 19th. Finally, Mizuho set a $413.00 price target on shares of Elevance Health in a report on Friday. Thirteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $400.85.

Elevance Health Stock Down 0.5%

Shares of Elevance Health stock opened at $372.80 on Monday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $458.75. The business’s fifty day moving average price is $338.20 and its two-hundred day moving average price is $327.98. The company has a market capitalization of $82.85 billion, a P/E ratio of 15.24, a PEG ratio of 1.92 and a beta of 0.51.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted $8.37 earnings per share. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, December 5th. Elevance Health’s payout ratio is 27.96%.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.