Empower Advisory Group LLC Sells 136 Shares of Elevance Health, Inc. (NYSE:ELV)

Empower Advisory Group LLC reduced its position in Elevance Health, Inc. (NYSE:ELV) by 5.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,455 shares of the company’s stock after selling 136 shares during the period. Empower Advisory Group LLC’s holdings in Elevance Health were worth $1,277,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Bank & Trust Co bought a new position in Elevance Health during the 2nd quarter valued at $27,000. PSI Advisors LLC bought a new position in Elevance Health during the 3rd quarter valued at $27,000. Opal Wealth Advisors LLC bought a new position in Elevance Health during the 2nd quarter valued at $28,000. Strategic Financial Concepts LLC purchased a new stake in shares of Elevance Health during the 2nd quarter valued at $30,000. Finally, Eastern Bank purchased a new stake in shares of Elevance Health during the 3rd quarter valued at $31,000. 89.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ELV. Cantor Fitzgerald decreased their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Morgan Stanley decreased their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. TD Cowen decreased their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Finally, Mizuho decreased their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Price Performance

ELV opened at $410.89 on Thursday. 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 52-week low of $397.98 and a 52-week high of $567.26. The stock has a market capitalization of $95.29 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 1.23 and a beta of 0.85. The stock’s 50 day moving average price is $483.60 and its 200-day moving average price is $516.04.

Elevance Health (NYSE:ELV) last posted 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). The business had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Elevance Health’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the firm posted $8.99 earnings per share. On average, equities research analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

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

Insider Buying and Selling

In other Elevance Health 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.35% of the stock is owned by 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.