Elevance Health, Inc. $ELV Stock: Convergence Financial LLC Trims Stake

Key Points

• Convergence Financial LLC cut its Elevance Health stake by 52% in the third quarter, selling 2,529 shares and retaining 2,339 shares valued at approximately $910,000.
• Elevance Health reported quarterly earnings of $6.99 per share, beating estimates of $4.71, while revenue reached $50.44 billion, up 0.7% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $456.48, while the company declared a quarterly dividend of $1.72 per share, representing a 1.7% yield.

Convergence Financial LLC lowered its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 52.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,339 shares of the company's stock after selling 2,529 shares during the period. Convergence Financial LLC's holdings in Elevance Health were worth $910,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ELV. Meiji Yasuda Asset Management Co Ltd. acquired a new position in Elevance Health during the 2nd quarter valued at approximately $2,086,000. Stoneridge Investment Partners LLC bought a new position in Elevance Health during the 2nd quarter worth $970,000. State Street Corp increased its position in Elevance Health by 1.3% in the second quarter. State Street Corp now owns 10,426,610 shares of the company's stock worth $4,032,283,000 after buying an additional 137,914 shares during the period. Farther Finance Advisors LLC increased its position in Elevance Health by 27.1% in the third quarter. Farther Finance Advisors LLC now owns 11,826 shares of the company's stock worth $4,598,000 after buying an additional 2,518 shares during the period. Finally, State of Wyoming bought a new stake in Elevance Health in the second quarter valued at $1,765,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In related news, CFO Mark Kaye sold 10,584 shares of the stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $440.13, for a total value of $4,658,335.92. Following the completion of the transaction, the chief financial officer owned 19,919 shares in the company, valued at $8,766,949.47. This represents a 34.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ELV has been the subject of several analyst reports. Sanford C. Bernstein set a $488.00 price target on shares of Elevance Health in a report on Thursday, July 16th. Robert W. Baird increased their price objective on shares of Elevance Health from $393.00 to $406.00 and gave the stock a "neutral" rating in a report on Thursday, October 22nd. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Royal Bank Of Canada lifted their price objective on shares of Elevance Health from $424.00 to $455.00 and gave the company a "sector perform" rating in a research report on Thursday, October 22nd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Elevance Health in a research note on Thursday, August 13th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $456.48.

Elevance Health Stock Down 1.9%

ELV opened at $413.42 on Thursday. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $450.69. 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 stock has a market cap of $89.32 billion, a P/E ratio of 17.63, a P/E/G ratio of 2.10 and a beta of 0.70. The stock's 50 day moving average price is $409.71 and its 200 day moving average price is $371.85.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Wednesday, October 21st. The company reported $6.99 earnings per share for the quarter, beating the consensus estimate of $4.71 by $2.28. Elevance Health had a return on equity of 14.97% and a net margin of 2.55%. The firm had revenue of $50.44 billion for the quarter, compared to the consensus estimate of $49.28 billion. During the same quarter in the previous year, the business earned $6.03 EPS. The firm's revenue for the quarter was up .7% on a year-over-year basis. As a group, research analysts predict that Elevance Health, Inc. will post 29.15 earnings per share for the current year.

Elevance Health Dividend Announcement

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 paid 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 payout ratio is currently 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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