Elevance Health, Inc. $ELV Stock: ARGA Investment Management LP Decreases Holdings

ARGA Investment Management LP lessened its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 64.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,230 shares of the company's stock after selling 103,740 shares during the period. ARGA Investment Management LP's holdings in Elevance Health were worth $21,863,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Elevance Health in the second quarter worth $7,344,424,000. Bank of New York Mellon Corp bought a new stake in Elevance Health during the second quarter worth about $1,246,349,000. Legal & General Group Plc bought a new stake in Elevance Health during the second quarter worth about $688,469,000. Amundi grew its stake in Elevance Health by 145.7% during the first quarter. Amundi now owns 2,693,664 shares of the company's stock worth $788,570,000 after buying an additional 1,597,497 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in Elevance Health during the second quarter worth about $591,084,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. UBS Group increased their price target on shares of Elevance Health from $460.00 to $523.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Robert W. Baird boosted their price objective on shares of Elevance Health from $393.00 to $406.00 and gave the company a "neutral" rating in a research report on Thursday, October 22nd. TD Cowen upped their target price on Elevance Health from $465.00 to $495.00 and gave the stock a "buy" rating in a research note on Friday, October 23rd. Barclays raised their target price on Elevance Health from $469.00 to $472.00 and gave the company an "overweight" rating in a report on Thursday, October 22nd. Finally, Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $456.48.

Insider Activity

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

Elevance Health Price Performance

Shares of ELV opened at $413.11 on Wednesday. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $450.69. The business has a 50-day simple moving average of $411.08 and a two-hundred day simple moving average of $372.73. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.68. The stock has a market cap of $89.26 billion, a PE ratio of 13.63, a PEG ratio of 1.97 and a beta of 0.63.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Wednesday, October 21st. The company reported $6.99 EPS for the quarter, topping the consensus estimate of $4.71 by $2.28. The business had revenue of $50.44 billion for the quarter, compared to the consensus estimate of $49.28 billion. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. The firm's revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned $6.03 EPS. Analysts anticipate that Elevance Health, Inc. will post 29.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be given a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, December 4th. Elevance Health's dividend payout ratio (DPR) is 29.34%.

About Elevance Health

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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