Kovitz Investment Group Partners LLC Buys 14,947 Shares of Elevance Health, Inc. (NYSE:ELV)

Kovitz Investment Group Partners LLC lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 108.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 28,751 shares of the company’s stock after purchasing an additional 14,947 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Elevance Health were worth $14,951,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ELV. Capital Investment Advisors LLC increased its position in shares of Elevance Health by 3.2% during the second quarter. Capital Investment Advisors LLC now owns 861 shares of the company’s stock worth $467,000 after acquiring an additional 27 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health during the second quarter worth about $28,000. Cypress Wealth Services LLC increased its position in shares of Elevance Health by 10.8% during the second quarter. Cypress Wealth Services LLC now owns 656 shares of the company’s stock worth $356,000 after acquiring an additional 64 shares in the last quarter. Ignite Planners LLC increased its position in shares of Elevance Health by 19.8% during the second quarter. Ignite Planners LLC now owns 925 shares of the company’s stock worth $491,000 after acquiring an additional 153 shares in the last quarter. Finally, MJP Associates Inc. ADV bought a new stake in shares of Elevance Health during the second quarter worth about $204,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Down 2.8 %

ELV opened at $382.14 on Friday. 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 stock has a market cap of $88.63 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.21 and a beta of 0.83. Elevance Health, Inc. has a twelve month low of $379.29 and a twelve month high of $567.26. The company’s 50-day moving average price is $437.06 and its two-hundred day moving average price is $500.74.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 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 analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $8.99 earnings per share. As a group, equities analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm 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 dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Analyst Upgrades and Downgrades

ELV has been the subject of several recent research reports. TD Cowen decreased 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 report on Monday, October 21st. Truist Financial reaffirmed a “buy” rating and issued a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Raymond James set a $485.00 price objective on shares of Elevance Health in a research report on Friday, October 18th. Barclays reduced their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Finally, Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. One 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $539.20.

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 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 owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.35% of the stock is currently owned by corporate insiders.

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.