SouthState Corp Reduces Stake in Elevance Health, Inc. (NYSE:ELV)

SouthState Corp lowered its position in Elevance Health, Inc. (NYSE:ELV) by 2.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 40,481 shares of the company’s stock after selling 890 shares during the period. Elevance Health accounts for approximately 1.5% of SouthState Corp’s portfolio, making the stock its 20th biggest position. SouthState Corp’s holdings in Elevance Health were worth $21,050,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of ELV. Pathway Financial Advisers LLC lifted its holdings in Elevance Health by 51,967.1% in the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock valued at $341,956,000 after acquiring an additional 656,344 shares during the period. International Assets Investment Management LLC lifted its holdings in Elevance Health by 85,533.1% in the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after acquiring an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after acquiring an additional 523,910 shares during the period. Maj Invest Holding A S acquired a new position in Elevance Health in the second quarter valued at approximately $173,753,000. Finally, First Eagle Investment Management LLC lifted its holdings in Elevance Health by 15.5% in the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after acquiring an additional 275,708 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ELV shares. UBS Group dropped their price target on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Cantor Fitzgerald dropped their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Royal Bank of Canada dropped their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Wells Fargo & Company dropped 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. Finally, Truist Financial reissued 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Price Performance

NYSE ELV opened at $400.69 on Tuesday. Elevance Health, Inc. has a 52 week low of $397.92 and a 52 week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The business’s fifty day simple moving average is $472.43 and its 200-day simple moving average is $512.56. The firm has a market cap of $92.93 billion, a PE ratio of 14.61, a P/E/G ratio of 1.19 and a beta of 0.85.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data 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 business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted $8.99 earnings per share. As a group, equities analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend is Thursday, December 5th. 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 Elevance Health stock in a transaction dated 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 $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.29% of the company’s stock.

About Elevance Health

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.