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

Elevance Health, Inc. (NYSE:ELV) was the recipient of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 3,130,000 shares, an increase of 9.8% from the October 31st total of 2,850,000 shares. Based on an average daily trading volume, of 1,580,000 shares, the days-to-cover ratio is currently 2.0 days. Approximately 1.4% of the shares of the stock are sold short.

Insiders Place Their Bets

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction that occurred 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 directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ELV. Massmutual Trust Co. FSB ADV lifted its holdings in Elevance Health by 19.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,603 shares of the company’s stock worth $869,000 after purchasing an additional 256 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Elevance Health in the 2nd quarter valued at $156,000. Bank & Trust Co acquired a new position in Elevance Health in the 2nd quarter valued at $27,000. Mather Group LLC. raised its holdings in Elevance Health by 19.8% in the 2nd quarter. Mather Group LLC. now owns 400 shares of the company’s stock valued at $207,000 after acquiring an additional 66 shares in the last quarter. Finally, Trust Co. of Vermont raised its holdings in Elevance Health by 346.3% in the 2nd quarter. Trust Co. of Vermont now owns 299 shares of the company’s stock valued at $162,000 after acquiring an additional 232 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Price Performance

Shares of ELV stock traded up $3.43 during trading hours on Monday, hitting $410.39. 1,611,699 shares of the company’s stock were exchanged, compared to its average volume of 1,189,187. The stock’s 50-day moving average is $446.87 and its 200-day moving average is $504.13. The stock has a market cap of $95.18 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85. Elevance Health has a 52 week low of $391.02 and a 52 week high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50.

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 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 the consensus estimate of $43.47 billion. During the same quarter in the prior year, the business earned $8.99 EPS. Elevance Health’s revenue was up 5.3% on a year-over-year basis. As a group, research analysts forecast that Elevance Health will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.59%. Elevance Health’s dividend payout ratio is 23.77%.

Analyst Upgrades and Downgrades

ELV has been the topic of several recent analyst reports. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Wells Fargo & Company reduced their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Truist Financial reaffirmed a “buy” rating and issued a $520.00 price target (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Morgan Stanley reduced their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. 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 assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

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.