Freedom Investment Management Inc. Has $538,000 Stake in Elevance Health, Inc. (NYSE:ELV)

Freedom Investment Management Inc. lessened its position in Elevance Health, Inc. (NYSE:ELV) by 15.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,034 shares of the company’s stock after selling 195 shares during the period. Freedom Investment Management Inc.’s holdings in Elevance Health were worth $538,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ELV. Bank & Trust Co acquired a new position in shares of Elevance Health in the second quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health in the 2nd quarter valued at approximately $28,000. PSI Advisors LLC bought a new position in shares of Elevance Health during the third quarter valued at $27,000. Eastern Bank acquired a new position in shares of Elevance Health during the third quarter worth $31,000. Finally, Peterson Financial Group Inc. bought a new stake in shares of Elevance Health in the third quarter worth $44,000. 89.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.35% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. UBS Group lowered their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. TD Cowen decreased their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Barclays lowered their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada reduced their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Price Performance

ELV stock opened at $407.33 on Friday. Elevance Health, Inc. has a 1 year low of $391.02 and a 1 year high of $567.26. The stock has a market capitalization of $94.47 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 1.20 and a beta of 0.85. The company’s 50-day moving average is $446.87 and its 200-day moving average is $504.59. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $43.47 billion. During the same period last year, the business posted $8.99 EPS. The company’s revenue was up 5.3% on a year-over-year basis. 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. 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 1.60%. Elevance Health’s payout ratio is 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.