Meeder Asset Management Inc. Trims Holdings in Elevance Health, Inc. (NYSE:ELV)

Meeder Asset Management Inc. trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 95.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,269 shares of the company’s stock after selling 42,761 shares during the period. Meeder Asset Management Inc.’s holdings in Elevance Health were worth $1,180,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Bank & Trust Co acquired a new position in Elevance Health during the second quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health during the 2nd quarter valued at about $28,000. PSI Advisors LLC acquired a new position in shares of Elevance Health in the 3rd quarter valued at about $27,000. Eastern Bank purchased a new stake in shares of Elevance Health in the third quarter worth about $31,000. Finally, Crewe Advisors LLC acquired a new stake in Elevance Health during the first quarter worth about $40,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Elevance Health

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. Insiders own 0.29% of the company’s stock.

Elevance Health Trading Down 1.6 %

Shares of ELV stock opened at $394.20 on Wednesday. Elevance Health, Inc. has a fifty-two week low of $391.83 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The stock’s fifty day moving average is $469.43 and its two-hundred day moving average is $511.63. The firm has a market capitalization of $91.42 billion, a P/E ratio of 14.37, a PEG ratio of 1.19 and a beta of 0.85.

Elevance Health (NYSE:ELV) last posted its quarterly 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 return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same period in the prior year, the business posted $8.99 earnings per share. The business’s quarterly revenue was up 5.3% on a year-over-year basis. Research 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 declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.65%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Wall Street Analyst Weigh In

Several research firms have commented on ELV. Cantor Fitzgerald lowered their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. TD Cowen dropped their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Morgan Stanley cut their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. UBS Group lowered their target price 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. Finally, Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. One 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 company. According to MarketBeat, the company currently has a consensus 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.