Elevance Health, Inc. (NYSE:ELV) Shares Acquired by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc boosted its stake in Elevance Health, Inc. (NYSE:ELV) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,945 shares of the company’s stock after acquiring an additional 47 shares during the period. Pinnacle Financial Partners Inc’s holdings in Elevance Health were worth $1,531,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank & Trust Co acquired a new stake in shares of Elevance Health in the 2nd quarter valued at about $27,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health during the second quarter valued at approximately $28,000. PSI Advisors LLC bought a new position in Elevance Health during the 3rd quarter worth approximately $27,000. Eastern Bank bought a new position in Elevance Health during the 3rd quarter worth approximately $31,000. Finally, Crewe Advisors LLC acquired a new position in shares of Elevance Health in the 1st quarter worth approximately $40,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on ELV. UBS Group reduced their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Morgan Stanley reduced their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Mizuho lowered their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Truist Financial reaffirmed a “buy” rating and set a $520.00 target price (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction 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 transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 46.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.35% of the company’s stock.

Elevance Health Trading Down 0.9 %

Elevance Health stock opened at $407.04 on Friday. 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 $94.40 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 1.23 and a beta of 0.85. The firm has a 50 day simple moving average of $480.88 and a 200-day simple moving average of $515.30.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (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 firm had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the business posted $8.99 earnings per share. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities research analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.60%. Elevance Health’s dividend payout ratio is currently 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.