QRG Capital Management Inc. Acquires 1,318 Shares of Elevance Health, Inc. (NYSE:ELV)

QRG Capital Management Inc. lifted its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.6% in the third quarter, HoldingsChannel.com reports. The fund owned 82,393 shares of the company’s stock after buying an additional 1,318 shares during the quarter. QRG Capital Management Inc.’s holdings in Elevance Health were worth $42,844,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ELV. Catalytic Wealth RIA LLC bought a new position in shares of Elevance Health during the first quarter worth $291,000. Norden Group LLC purchased a new position in shares of Elevance Health during the first quarter valued at about $227,000. Diversify Advisory Services LLC bought a new stake in shares of Elevance Health in the first quarter worth about $337,000. Janney Montgomery Scott LLC lifted its position in shares of Elevance Health by 5.6% in the first quarter. Janney Montgomery Scott LLC now owns 28,453 shares of the company’s stock worth $14,754,000 after buying an additional 1,519 shares in the last quarter. Finally, Financial Counselors Inc. boosted its stake in Elevance Health by 3.1% during the first quarter. Financial Counselors Inc. now owns 2,111 shares of the company’s stock valued at $1,095,000 after buying an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $417.02 on Monday. The firm’s 50 day simple moving average is $501.96 and its 200-day simple moving average is $521.52. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26. The firm has a market cap of $96.72 billion, a PE ratio of 15.09, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. Elevance Health’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $8.99 EPS. As a group, equities analysts predict that Elevance Health, Inc. will post 32.93 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.56%. Elevance Health’s dividend payout ratio is presently 23.77%.

Analyst Ratings Changes

A number of research firms have issued reports on ELV. Cantor Fitzgerald reduced their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Raymond James set a $485.00 price objective on shares of Elevance Health in a research note on Friday, October 18th. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Barclays cut their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $544.53.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.35% of the stock is owned by company 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.