Elevance Health, Inc. (NYSE:ELV) Sees Significant Growth in Short Interest

Elevance Health, Inc. (NYSE:ELV) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,780,000 shares, an increase of 6.6% from the August 15th total of 1,670,000 shares. Based on an average daily volume of 962,600 shares, the short-interest ratio is currently 1.8 days. Approximately 0.8% of the company’s shares are sold short.

Elevance Health Stock Down 1.9 %

NYSE ELV traded down $10.25 during mid-day trading on Tuesday, reaching $543.25. 792,230 shares of the company’s stock traded hands, compared to its average volume of 1,007,257. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health has a 1-year low of $431.38 and a 1-year high of $567.26. The company has a fifty day simple moving average of $535.65 and a 200-day simple moving average of $528.39. The company has a market cap of $126.26 billion, a price-to-earnings ratio of 20.80, a P/E/G ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.99 by $0.13. The company had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the business posted $9.04 EPS. As a group, equities research analysts expect that Elevance Health will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s payout ratio is currently 24.64%.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of research analyst reports. Morgan Stanley initiated coverage on shares of Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 target price for the company. Royal Bank of Canada raised their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Finally, Wells Fargo & Company reduced their price objective on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $604.29.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 over the last quarter. Company insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

A number of institutional investors have recently modified their holdings of ELV. Heritage Wealth Management Inc. acquired a new stake in shares of Elevance Health during the 2nd quarter valued at approximately $1,133,000. Sanctuary Advisors LLC bought a new position in shares of Elevance Health in the 2nd quarter worth about $12,805,000. Clear Rock Advisors LLC boosted its holdings in shares of Elevance Health by 5.4% in the 2nd quarter. Clear Rock Advisors LLC now owns 4,701 shares of the company’s stock valued at $2,547,000 after buying an additional 242 shares during the period. Souders Financial Advisors grew its position in shares of Elevance Health by 42.0% during the 2nd quarter. Souders Financial Advisors now owns 3,294 shares of the company’s stock valued at $1,785,000 after buying an additional 975 shares during the last quarter. Finally, Clearbridge Investments LLC raised its stake in Elevance Health by 1.7% during the second quarter. Clearbridge Investments LLC now owns 224,259 shares of the company’s stock worth $121,517,000 after acquiring an additional 3,841 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

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.