Fortem Financial Group LLC Cuts Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Fortem Financial Group LLC lowered its stake in Elevance Health, Inc. (NYSE:ELV) by 7.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,311 shares of the company’s stock after selling 192 shares during the quarter. Fortem Financial Group LLC’s holdings in Elevance Health were worth $1,202,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Coldstream Capital Management Inc. lifted its position in shares of Elevance Health by 13.3% in the third quarter. Coldstream Capital Management Inc. now owns 4,186 shares of the company’s stock worth $2,132,000 after buying an additional 490 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Elevance Health by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after acquiring an additional 85,770 shares in the last quarter. Brophy Wealth Management LLC bought a new position in shares of Elevance Health during the 3rd quarter valued at approximately $200,000. Executive Wealth Management LLC purchased a new position in shares of Elevance Health in the third quarter valued at $10,901,000. Finally, Raelipskie Partnership purchased a new position in shares of Elevance Health in the third quarter valued at $26,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Elevance Health stock opened at $389.98 on Wednesday. Elevance Health, Inc. has a fifty-two week low of $379.29 and a fifty-two week high of $567.26. The company has a market capitalization of $90.44 billion, a PE ratio of 14.22, a P/E/G ratio of 1.14 and a beta of 0.83. The company has a 50 day moving average price of $431.73 and a 200-day moving average price of $497.93. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the previous year, the company posted $8.99 EPS. Elevance Health’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Insiders Place Their Bets

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 shares were 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 in the company, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ELV has been the subject of several research reports. Barclays lowered their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. TD Cowen lowered their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. Royal Bank of Canada reduced their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Wells Fargo & Company decreased their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Argus cut Elevance Health from a “buy” rating to a “hold” rating in a 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 given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

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.