Foundry Partners LLC Reduces Stake in Elevance Health, Inc. (NYSE:ELV)

Foundry Partners LLC decreased its stake in Elevance Health, Inc. (NYSE:ELV) by 0.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 46,265 shares of the company’s stock after selling 230 shares during the quarter. Elevance Health comprises 1.2% of Foundry Partners LLC’s portfolio, making the stock its 19th biggest holding. Foundry Partners LLC’s holdings in Elevance Health were worth $24,058,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. American Trust boosted its holdings in shares of Elevance Health by 2.6% in the 1st quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after buying an additional 20 shares in the last quarter. Private Ocean LLC grew its position in Elevance Health by 6.7% during the 2nd quarter. Private Ocean LLC now owns 348 shares of the company’s stock worth $189,000 after purchasing an additional 22 shares during the last quarter. Hurlow Wealth Management Group Inc. increased its position in shares of Elevance Health by 1.9% in the 2nd quarter. Hurlow Wealth Management Group Inc. now owns 1,229 shares of the company’s stock valued at $666,000 after acquiring an additional 23 shares during the period. Cypress Wealth Services LLC lifted its position in Elevance Health by 3.5% during the 3rd quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock worth $353,000 after acquiring an additional 23 shares during the period. Finally, CVA Family Office LLC grew its stake in Elevance Health by 4.2% during the 2nd quarter. CVA Family Office LLC now owns 602 shares of the company’s stock valued at $326,000 after purchasing an additional 24 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Elevance Health Stock Up 0.8 %

ELV opened at $397.48 on Thursday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a twelve month low of $391.02 and a twelve month high of $567.26. The company has a market cap of $92.18 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.19 and a beta of 0.85. The company has a 50-day moving average price of $466.51 and a 200 day moving average price of $510.83.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter last year, the business earned $8.99 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. Sell-side analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio is currently 23.77%.

Analyst Ratings Changes

A number of equities analysts have issued reports on ELV shares. Royal Bank of Canada reduced their price target 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. Truist Financial reaffirmed a “buy” rating and set a $520.00 price target (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Wells Fargo & Company lowered their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Finally, Raymond James set a $485.00 price objective on shares of Elevance Health in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health 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.