Oppenheimer Asset Management Inc. Buys 118 Shares of Elevance Health, Inc. (NYSE:ELV)

Oppenheimer Asset Management Inc. raised its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 1.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,698 shares of the company’s stock after acquiring an additional 118 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Elevance Health were worth $4,003,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank & Trust Co acquired a new stake in shares of Elevance Health in the 2nd quarter worth $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health in the 2nd quarter worth $28,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health in the 3rd quarter worth $27,000. Eastern Bank acquired a new stake in shares of Elevance Health in the 3rd quarter worth $31,000. Finally, Crewe Advisors LLC acquired a new stake in shares of Elevance Health in the 1st quarter worth $40,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $400.78 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. Elevance Health, Inc. has a twelve month low of $397.98 and a twelve month high of $567.26. The business has a 50-day moving average price of $478.13 and a 200 day moving average price of $514.55. The firm has a market cap of $92.95 billion, a PE ratio of 14.61, a P/E/G ratio of 1.22 and a beta of 0.85.

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

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a 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 related 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 sale, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.35% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on ELV. TD Cowen lowered their price target 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. Royal Bank of Canada lowered their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Mizuho lowered their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Morgan Stanley lowered their price target 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. Finally, Cantor Fitzgerald reduced their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and a consensus price target of $539.20.

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.