Prosperity Financial Group Inc. Buys 104 Shares of Elevance Health, Inc. (NYSE:ELV)

Prosperity Financial Group Inc. increased its stake in Elevance Health, Inc. (NYSE:ELV) by 13.5% in the third quarter, Holdings Channel reports. The institutional investor owned 873 shares of the company’s stock after acquiring an additional 104 shares during the period. Prosperity Financial Group Inc.’s holdings in Elevance Health were worth $454,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Truist Financial restated a “buy” rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Wells Fargo & Company decreased their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Cantor Fitzgerald lowered their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Stephens restated an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Finally, Morgan Stanley decreased their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. One 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Trading Down 0.3 %

Shares of NYSE:ELV opened at $402.55 on Monday. The business’s 50-day moving average is $460.70 and its 200 day moving average is $508.84. 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 1 year low of $391.02 and a 1 year high of $567.26. The firm has a market capitalization of $93.36 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.20 and a beta of 0.85.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). The company had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $8.99 earnings per share. On average, research analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced 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. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.62%. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Insider Buying and Selling at Elevance Health

In other Elevance Health 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 shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.35% of the company’s stock.

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.