Elevance Health, Inc. $ELV Stock Acquired by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group increased its Elevance Health stake by 77% in the third quarter, bringing its holdings to 6,604 shares valued at approximately $2.57 million. Institutional investors collectively own 89.24% of ELV.
• Elevance Health reported quarterly EPS of $6.99, beating estimates of $4.71, while revenue reached $50.44 billion, up 0.7% year over year and above expectations.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $455.57. The company also declared a quarterly dividend of $1.72 per share, or $6.88 annualized.

Citizens Financial Group Inc. RI increased its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 77.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,604 shares of the company's stock after purchasing an additional 2,873 shares during the period. Citizens Financial Group Inc. RI's holdings in Elevance Health were worth $2,568,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Activest Wealth Management grew its stake in Elevance Health by 146.2% during the third quarter. Activest Wealth Management now owns 64 shares of the company's stock worth $25,000 after purchasing an additional 38 shares during the period. WealthCollab LLC grew its holdings in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after purchasing an additional 27 shares during the period. Kilter Group LLC bought a new stake in shares of Elevance Health in the second quarter worth $28,000. Main Street Group LTD purchased a new position in Elevance Health during the first quarter valued at $39,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of Elevance Health by 600.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company's stock worth $41,000 after acquiring an additional 90 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Insider Transactions at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 10,584 shares of the stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the completion of the sale, the chief financial officer directly owned 19,919 shares of the company's stock, valued at approximately $8,766,949.47. This trade represents a 34.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

ELV has been the topic of a number of analyst reports. Robert W. Baird lifted their target price on shares of Elevance Health from $393.00 to $406.00 and gave the stock a "neutral" rating in a research note on Thursday, October 22nd. Barclays upped their target price on shares of Elevance Health from $469.00 to $472.00 and gave the company an "overweight" rating in a research note on Thursday. Royal Bank Of Canada upped their target price on Elevance Health from $424.00 to $455.00 and gave the company a "sector perform" rating in a report on Thursday. Leerink Partners raised their price objective on Elevance Health from $364.00 to $395.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Elevance Health in a report on Thursday, August 13th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $455.57.

Elevance Health Price Performance

ELV stock opened at $431.38 on Tuesday. The stock has a market cap of $93.20 billion, a price-to-earnings ratio of 18.40, a P/E/G ratio of 2.10 and a beta of 0.70. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.47 and a quick ratio of 1.47. The company has a 50 day simple moving average of $408.19 and a 200 day simple moving average of $371.09. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $450.69.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The company reported $6.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.71 by $2.28. Elevance Health had a return on equity of 14.97% and a net margin of 2.55%. The company had revenue of $50.44 billion for the quarter, compared to analyst estimates of $49.28 billion. During the same period in the previous year, the company posted $6.03 EPS. The firm's revenue for the quarter was up .7% compared to the same quarter last year. Research analysts anticipate that Elevance Health, Inc. will post 29.11 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be given a dividend of $1.72 per share. The ex-dividend date is Friday, December 4th. This represents a $6.88 dividend on an annualized basis and a yield of 1.6%. Elevance Health's dividend payout ratio (DPR) is presently 29.34%.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.

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