Elevance Health, Inc. (NYSE:ELV) Shares Bought by Canal Capital Management LLC

by · The Markets Daily

Canal Capital Management LLC grew its stake in Elevance Health, Inc. (NYSE:ELV – Free Report) by 9.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 673 shares of the company’s stock after buying an additional 57 shares during the period. Canal Capital Management LLC’s holdings in Elevance Health were worth $350,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ELV. Bank & Trust Co purchased a new stake in Elevance Health in the second quarter valued at $27,000. PSI Advisors LLC purchased a new stake in shares of Elevance Health in the 3rd quarter valued at about $27,000. Palisade Asset Management LLC purchased a new stake in shares of Elevance Health in the 1st quarter valued at about $28,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health in the 2nd quarter valued at about $28,000. Finally, Strategic Financial Concepts LLC purchased a new position in Elevance Health during the 2nd quarter worth approximately $30,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Up 1.2 %

Elevance Health stock opened at $423.99 on Friday. The stock’s 50 day moving average price is $519.97 and its 200 day moving average price is $525.88. Elevance Health, Inc. has a 1-year low of $397.98 and a 1-year high of $567.26. The company has a market cap of $98.54 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV – Get Free Report) last issued its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). The company had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. Elevance Health’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.99 earnings per share. On average, sell-side analysts predict that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.54%. Elevance Health’s payout ratio is currently 24.64%.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was 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 $3,639,915.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ELV shares. TD Cowen reduced their price objective on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday. Royal Bank of Canada reduced their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company 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. Wells Fargo & Company reaffirmed a “buy” rating on shares of Elevance Health in a report on Friday, October 18th. Finally, Morgan Stanley lowered their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $551.07.

Read Our Latest Stock Report on ELV

About Elevance Health

(Free Report)

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.

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