140 Summer Partners LP Purchases 46,800 Shares of Elevance Health, Inc. (NYSE:ELV)

140 Summer Partners LP raised its holdings in Elevance Health, Inc. (NYSE:ELV) by 54.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 133,059 shares of the company’s stock after acquiring an additional 46,800 shares during the quarter. Elevance Health accounts for about 7.5% of 140 Summer Partners LP’s portfolio, making the stock its 7th biggest holding. 140 Summer Partners LP owned 0.06% of Elevance Health worth $69,191,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Pathway Financial Advisers LLC grew its holdings in shares of Elevance Health by 51,967.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after acquiring an additional 656,344 shares during the last quarter. International Assets Investment Management LLC increased its stake in Elevance Health by 85,533.1% in the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after purchasing an additional 532,016 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after buying an additional 523,910 shares during the period. Maj Invest Holding A S purchased a new stake in Elevance Health during the second quarter valued at about $173,753,000. Finally, First Eagle Investment Management LLC boosted its holdings in shares of Elevance Health by 15.5% in the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after buying an additional 275,708 shares during the period. Institutional investors own 89.24% of the company’s stock.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Truist Financial restated a “buy” rating and set a $520.00 price target (down previously from $620.00) on shares of Elevance Health in a report on Friday, October 18th. TD Cowen cut their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Mizuho decreased their target price on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. UBS Group dropped their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Finally, Royal Bank of Canada decreased their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Stock Performance

Shares of ELV opened at $402.80 on Thursday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 12 month low of $391.02 and a 12 month high of $567.26. The company’s fifty day moving average is $452.22 and its 200-day moving average is $506.22. The firm has a market cap of $93.42 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The company had revenue of $44.72 billion during 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%. Elevance Health’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $8.99 EPS. Equities analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.62%. Elevance Health’s dividend payout ratio (DPR) 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.