Chevy Chase Trust Holdings LLC Sells 2,559 Shares of Elevance Health, Inc. (NYSE:ELV)

Chevy Chase Trust Holdings LLC decreased its holdings in Elevance Health, Inc. (NYSE:ELV) by 2.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 124,986 shares of the company’s stock after selling 2,559 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Elevance Health were worth $64,993,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Bank & Trust Co purchased a new stake in shares of Elevance Health during the 2nd quarter worth $27,000. PSI Advisors LLC purchased a new stake in shares of Elevance Health during the third quarter valued at about $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health in the 2nd quarter valued at about $28,000. Strategic Financial Concepts LLC purchased a new position in shares of Elevance Health in the 2nd quarter worth approximately $30,000. Finally, Eastern Bank purchased a new stake in Elevance Health during the third quarter valued at approximately $31,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Up 0.9 %

Elevance Health stock opened at $410.50 on Monday. Elevance Health, Inc. has a 52 week low of $391.02 and a 52 week high of $567.26. The firm has a market cap of $95.20 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85. The business’s 50-day moving average price is $446.87 and its 200 day moving average price is $504.13. 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 (NYSE:ELV) last posted 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 for the quarter, compared to analysts’ expectations of $43.47 billion. During the same period last year, the firm earned $8.99 earnings per share. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently announced 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. This represents a $6.52 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Wall Street Analysts Forecast Growth

ELV has been the topic of several analyst reports. Morgan Stanley cut their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Cantor Fitzgerald decreased their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company 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. TD Cowen lowered their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Finally, Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.35% of the company’s stock.

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.