Prime Capital Investment Advisors LLC Has $683,000 Stake in Elevance Health, Inc. (NYSE:ELV)

Prime Capital Investment Advisors LLC decreased its position in Elevance Health, Inc. (NYSE:ELV) by 10.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,314 shares of the company’s stock after selling 156 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Elevance Health were worth $683,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bank & Trust Co bought a new stake in Elevance Health during the second quarter worth about $27,000. PSI Advisors LLC bought a new stake in Elevance Health during the 3rd quarter worth approximately $27,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health during the 2nd quarter valued at $28,000. Strategic Financial Concepts LLC bought a new position in Elevance Health in the 2nd quarter valued at $30,000. Finally, Eastern Bank acquired a new position in Elevance Health in the third quarter worth $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. 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 report on Wednesday, October 23rd. Truist Financial reiterated a “buy” rating and set a $520.00 target price (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Barclays decreased their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Raymond James set a $485.00 price objective on shares of Elevance Health in a research report on Friday, October 18th. Finally, Mizuho decreased their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Stock Down 1.5 %

Elevance Health stock opened at $400.78 on Friday. The firm has a market capitalization of $92.95 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 1.22 and a beta of 0.85. The company’s 50 day simple moving average is $478.13 and its 200 day simple moving average is $514.55. 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, Inc. has a fifty-two week low of $397.98 and a fifty-two week high of $567.26.

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). 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 prior year, the business earned $8.99 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio is currently 23.77%.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is currently owned by company insiders.

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.