Farther Finance Advisors LLC Buys 317 Shares of Elevance Health, Inc. (NYSE:ELV)

Farther Finance Advisors LLC increased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 26.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,523 shares of the company’s stock after acquiring an additional 317 shares during the quarter. Farther Finance Advisors LLC’s holdings in Elevance Health were worth $792,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Roanoke Asset Management Corp NY bought a new stake in Elevance Health during the third quarter worth $228,000. Principal Securities Inc. grew its stake in Elevance Health by 17.5% in the 3rd quarter. Principal Securities Inc. now owns 15,899 shares of the company’s stock valued at $8,268,000 after purchasing an additional 2,369 shares during the period. Stephens Inc. AR grew its stake in Elevance Health by 3.8% in the 3rd quarter. Stephens Inc. AR now owns 20,878 shares of the company’s stock valued at $10,856,000 after purchasing an additional 756 shares during the period. AustralianSuper Pty Ltd grew its stake in Elevance Health by 7.7% in the 3rd quarter. AustralianSuper Pty Ltd now owns 8,505 shares of the company’s stock valued at $4,423,000 after purchasing an additional 607 shares during the period. Finally, HM Payson & Co. grew its stake in Elevance Health by 16.1% in the 3rd quarter. HM Payson & Co. now owns 730 shares of the company’s stock valued at $380,000 after purchasing an additional 101 shares during the period. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of several research reports. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Wells Fargo & Company cut their price target on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday. Morgan Stanley cut their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Truist Financial reaffirmed a “buy” rating and issued a $520.00 price target (down previously from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 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 given a strong buy rating to the stock. According to MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and an average target price of $544.53.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.35% of the stock is owned by corporate insiders.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $417.86 on Tuesday. The business’s 50-day moving average price is $499.42 and its 200-day moving average price is $520.76. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. The firm has a market capitalization of $96.91 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85.

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 the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter in the previous year, the business earned $8.99 earnings per share. Elevance Health’s revenue was up 5.3% compared to the same quarter last year. Sell-side analysts forecast that Elevance Health, Inc. will post 32.93 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given 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 1.56%. Elevance Health’s payout ratio is 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.