Westpac Banking Corp Has $3.04 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Westpac Banking Corp lessened its position in Elevance Health, Inc. (NYSE:ELV) by 90.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,838 shares of the company’s stock after selling 61,437 shares during the period. Westpac Banking Corp’s holdings in Elevance Health were worth $3,038,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. HF Advisory Group LLC raised its holdings in Elevance Health by 1.1% in the 2nd quarter. HF Advisory Group LLC now owns 1,857 shares of the company’s stock valued at $825,000 after buying an additional 21 shares during the last quarter. Roundview Capital LLC lifted its holdings in shares of Elevance Health by 1.2% during the first quarter. Roundview Capital LLC now owns 1,916 shares of the company’s stock worth $881,000 after purchasing an additional 23 shares during the period. Intelligence Driven Advisers LLC grew its stake in shares of Elevance Health by 4.9% in the first quarter. Intelligence Driven Advisers LLC now owns 494 shares of the company’s stock worth $239,000 after purchasing an additional 23 shares during the last quarter. Key Financial Inc increased its holdings in Elevance Health by 22.6% in the second quarter. Key Financial Inc now owns 130 shares of the company’s stock valued at $58,000 after purchasing an additional 24 shares during the period. Finally, Mitchell Capital Management Co. raised its position in Elevance Health by 0.3% during the 2nd quarter. Mitchell Capital Management Co. now owns 7,185 shares of the company’s stock worth $3,192,000 after purchasing an additional 24 shares during the last quarter. 87.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Elevance Health

In other news, CAO Ronald W. Penczek sold 64 shares of the business’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $454.35, for a total transaction of $29,078.40. Following the completion of the sale, the chief accounting officer now directly owns 2,842 shares of the company’s stock, valued at $1,291,262.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Up 0.8 %

Shares of ELV traded up $3.72 during trading hours on Thursday, hitting $460.44. The stock had a trading volume of 241,451 shares, compared to its average volume of 1,171,184. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $544.01. The firm has a market capitalization of $108.18 billion, a P/E ratio of 17.93, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84. The firm has a 50 day simple moving average of $450.31 and a 200-day simple moving average of $453.72. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.41 and a quick ratio of 1.41.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, October 18th. The company reported $8.99 EPS for the quarter, beating the consensus estimate of $8.45 by $0.54. Elevance Health had a return on equity of 20.71% and a net margin of 3.61%. The firm had revenue of $42.48 billion during the quarter, compared to the consensus estimate of $42.69 billion. During the same quarter in the previous year, the company posted $7.53 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. Sell-side analysts predict that Elevance Health, Inc. will post 33.07 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Wednesday, December 6th will be issued a dividend of $1.48 per share. The ex-dividend date is Tuesday, December 5th. This represents a $5.92 annualized dividend and a yield of 1.29%. Elevance Health’s payout ratio is 23.24%.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of analyst reports. Stephens reiterated an “overweight” rating and issued a $555.00 price target on shares of Elevance Health in a research report on Thursday, July 20th. StockNews.com started coverage on shares of Elevance Health in a research report on Thursday, October 5th. They issued a “strong-buy” rating on the stock. TD Cowen upped their price objective on shares of Elevance Health from $564.00 to $585.00 and gave the company an “outperform” rating in a research note on Monday, July 24th. Morgan Stanley lifted their target price on shares of Elevance Health from $585.00 to $587.00 and gave the stock an “overweight” rating in a research note on Thursday, October 19th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $547.00 price target on shares of Elevance Health in a research report on Thursday, October 19th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $564.27.

About Elevance Health

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.