Investment Management Corp VA ADV Purchases New Stake in Elevance Health, Inc. (NYSE:ELV)

Investment Management Corp VA ADV acquired a new position in Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 226 shares of the company’s stock, valued at approximately $83,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Accredited Wealth Management LLC acquired a new position in shares of Elevance Health in the 4th quarter valued at about $25,000. Flagship Wealth Advisors LLC bought a new position in Elevance Health in the fourth quarter worth about $26,000. WealthTrak Capital Management LLC acquired a new position in Elevance Health in the fourth quarter valued at approximately $29,000. Lee Danner & Bass Inc. bought a new position in shares of Elevance Health during the fourth quarter valued at approximately $30,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Elevance Health during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Trading Down 4.0%

Shares of NYSE ELV opened at $383.95 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 12 month low of $357.45 and a 12 month high of $567.26. The company has a market cap of $86.75 billion, a price-to-earnings ratio of 14.99, a P/E/G ratio of 1.18 and a beta of 0.66. The business has a fifty day simple moving average of $420.81 and a 200-day simple moving average of $403.37.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The company had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. Sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s payout ratio is 26.69%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the sale, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at $766,745.11. This trade represents a 19.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. This represents a 25.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,535 shares of company stock valued at $3,521,612 in the last three months. 0.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Truist Financial boosted their price target on shares of Elevance Health from $480.00 to $510.00 and gave the company a “buy” rating in a report on Friday, April 11th. Guggenheim reissued a “buy” rating and set a $518.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Wells Fargo & Company dropped their price target on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Royal Bank of Canada reiterated an “outperform” rating and set a $478.00 price objective on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, Wall Street Zen upgraded Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $510.38.

Elevance Health Company 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.