Roanoke Asset Management Corp NY Acquires Shares of 438 Elevance Health, Inc. (NYSE:ELV)

Roanoke Asset Management Corp NY bought a new position in Elevance Health, Inc. (NYSE:ELV) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 438 shares of the company’s stock, valued at approximately $228,000.

A number of other hedge funds have also added to or reduced their stakes in ELV. Bank & Trust Co bought a new position in Elevance Health in the 2nd quarter worth about $27,000. PSI Advisors LLC bought a new position in Elevance Health in the 3rd quarter worth about $27,000. Palisade Asset Management LLC bought a new position in shares of Elevance Health during the first quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new position in shares of Elevance Health during the second quarter valued at approximately $28,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of Elevance Health during the second quarter valued at approximately $30,000. 89.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ELV has been the topic of a number of recent research reports. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Truist Financial reiterated a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Royal Bank of Canada decreased their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Finally, Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $551.07.

Elevance Health Trading Up 2.0 %

NYSE ELV opened at $414.01 on Friday. The company has a fifty day simple moving average of $501.96 and a two-hundred day simple moving average of $521.33. The stock has a market cap of $96.02 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.22 and a beta of 0.82. Elevance Health, Inc. has a 12-month low of $397.98 and a 12-month high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same period last year, the business earned $8.99 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts forecast that Elevance Health, Inc. will post 32.93 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.57%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction 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 owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by corporate insiders.

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.