Octavia Wealth Advisors LLC Takes $457,000 Position in Elevance Health, Inc. (NYSE:ELV)

Octavia Wealth Advisors LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,050 shares of the company’s stock, valued at approximately $457,000.

Other institutional investors have also modified their holdings of the company. Consolidated Portfolio Review Corp purchased a new position in Elevance Health during the 4th quarter worth $219,000. Golden State Wealth Management LLC acquired a new stake in shares of Elevance Health during the fourth quarter worth about $75,000. Empowered Funds LLC boosted its stake in shares of Elevance Health by 47.4% during the fourth quarter. Empowered Funds LLC now owns 61,872 shares of the company’s stock worth $22,825,000 after buying an additional 19,907 shares during the period. Empirical Finance LLC grew its holdings in shares of Elevance Health by 10.4% during the fourth quarter. Empirical Finance LLC now owns 10,300 shares of the company’s stock worth $3,800,000 after buying an additional 973 shares during the last quarter. Finally, Alliance Wealth Advisors LLC increased its position in Elevance Health by 29.2% in the 4th quarter. Alliance Wealth Advisors LLC now owns 903 shares of the company’s stock valued at $333,000 after acquiring an additional 204 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the sale, the chief financial officer now directly owns 18,977 shares of the company’s stock, valued at approximately $8,061,809.14. This represents a 19.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ELV shares. Mizuho increased their price objective on Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 9th. Sanford C. Bernstein restated an “outperform” rating on shares of Elevance Health in a research note on Friday, March 28th. Robert W. Baird reiterated a “neutral” rating and issued a $529.00 price objective (down from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Argus set a $465.00 price objective on shares of Elevance Health in a research note on Friday, April 25th. Finally, Baird R W cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $499.53.

Elevance Health Stock Performance

Shares of ELV opened at $393.70 on Monday. 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 52-week low of $357.45 and a 52-week high of $567.26. The company has a 50-day simple moving average of $409.50 and a 200-day simple moving average of $400.80. The company has a market capitalization of $88.95 billion, a PE ratio of 15.37, a P/E/G ratio of 1.18 and a beta of 0.60.

Elevance Health (NYSE:ELV) last issued its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $46.26 billion. Equities research analysts predict that Elevance Health, Inc. will post 33.96 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 Wednesday, June 25th. Investors of record on Tuesday, June 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s payout ratio is currently 26.69%.

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.