Forte Capital LLC ADV Raises Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Forte Capital LLC ADV boosted its stake in Elevance Health, Inc. (NYSE:ELV) by 12.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 685 shares of the company’s stock after acquiring an additional 74 shares during the period. Forte Capital LLC ADV’s holdings in Elevance Health were worth $298,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. CIBC Private Wealth Group LLC increased its position in Elevance Health by 82.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company’s stock valued at $276,073,000 after purchasing an additional 326,543 shares during the period. CWA Asset Management Group LLC bought a new stake in shares of Elevance Health during the 1st quarter valued at $299,000. GAMMA Investing LLC boosted its holdings in shares of Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company’s stock valued at $1,475,000 after buying an additional 1,588 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in shares of Elevance Health by 185.7% during the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company’s stock valued at $1,341,000 after buying an additional 2,004 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Elevance Health by 36.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company’s stock valued at $11,991,000 after buying an additional 7,410 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ELV has been the topic of a number of research reports. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Robert W. Baird restated a “neutral” rating and set a $529.00 target price (down previously from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Wells Fargo & Company dropped their target price on shares of Elevance Health from $478.00 to $400.00 and set an “overweight” rating on the stock in a report on Tuesday. Truist Financial dropped their target price on shares of Elevance Health from $500.00 to $440.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Morgan Stanley dropped their price target on shares of Elevance Health from $428.00 to $316.00 and set an “overweight” rating on the stock in a research note on Friday. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $456.44.

Insider Transactions at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief financial officer directly owned 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

ELV opened at $301.33 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market capitalization of $68.08 billion, a P/E ratio of 11.76, a P/E/G ratio of 0.88 and a beta of 0.60. The company’s 50-day simple moving average is $374.07 and its two-hundred day simple moving average is $396.26. Elevance Health, Inc. has a 52-week low of $296.39 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. Elevance Health’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the company earned $10.12 EPS. As a group, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.27%. The ex-dividend date was Tuesday, June 10th. Elevance Health’s dividend payout ratio is 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.