M&T Bank Corp Sells 30,707 Shares of Elevance Health, Inc. (NYSE:ELV)

M&T Bank Corp lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 49.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 31,782 shares of the company’s stock after selling 30,707 shares during the period. M&T Bank Corp’s holdings in Elevance Health were worth $16,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in ELV. Raelipskie Partnership acquired a new stake in Elevance Health in the 3rd quarter valued at $26,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health during the 3rd quarter worth about $27,000. Strategic Financial Concepts LLC bought a new position in Elevance Health during the 2nd quarter valued at about $30,000. Eastern Bank acquired a new position in Elevance Health in the third quarter valued at about $31,000. Finally, Dunhill Financial LLC grew its stake in Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after buying an additional 26 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Trading Down 0.1 %

NYSE:ELV opened at $365.96 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The business’s 50-day simple moving average is $409.70 and its 200-day simple moving average is $488.69. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The stock has a market capitalization of $84.87 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 1.15 and a beta of 0.83.

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 analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the previous year, the firm posted $8.99 EPS. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Thursday, December 5th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Thursday, December 5th. Elevance Health’s dividend payout ratio is 23.77%.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ELV. Truist Financial reiterated a “buy” rating and issued a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. TD Cowen decreased their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Royal Bank of Canada reduced 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 report on Friday, October 18th. StockNews.com cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Argus cut Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

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.