Private Advisory Group LLC Raises Holdings in Elevance Health, Inc. (NYSE:ELV)

Private Advisory Group LLC increased its position in Elevance Health, Inc. (NYSE:ELV) by 14.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 16,500 shares of the company’s stock after acquiring an additional 2,114 shares during the quarter. Private Advisory Group LLC’s holdings in Elevance Health were worth $7,177,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ELV. CWA Asset Management Group LLC bought a new position in shares of Elevance Health in the first quarter worth $299,000. GAMMA Investing LLC lifted its holdings in Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company’s stock worth $1,475,000 after purchasing an additional 1,588 shares in the last quarter. Ritholtz Wealth Management boosted its stake in Elevance Health by 185.7% in the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company’s stock worth $1,341,000 after purchasing an additional 2,004 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Elevance Health by 15.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company’s stock valued at $2,922,000 after buying an additional 913 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in 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. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $293.99 on Thursday. The company has a 50-day simple moving average of $353.84 and a two-hundred day simple moving average of $390.66. Elevance Health, Inc. has a 12-month low of $274.40 and a 12-month high of $567.26. The firm has a market cap of $66.20 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 1.06 and a beta of 0.60. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The company had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter in the previous year, the business earned $10.12 earnings per share. Elevance Health’s revenue was up 14.3% compared to the same quarter last year. On average, equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.33%. Elevance Health’s dividend payout ratio is currently 29.11%.

Wall Street Analyst Weigh In

Several research analysts have commented on ELV shares. Truist Financial cut their price target on shares of Elevance Health from $500.00 to $440.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Argus restated a “hold” rating on shares of Elevance Health in a research report on Monday, July 21st. Mizuho raised their price target on Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a report on Wednesday, April 9th. UBS Group reiterated a “buy” rating and set a $484.00 price target (down previously from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Finally, Leerink Partnrs cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $418.19.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of the business’s stock in a transaction dated Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.29% of the company’s stock.

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.