HB Wealth Management LLC Has $8.46 Million Stock Holdings in Elevance Health, Inc. $ELV

HB Wealth Management LLC increased its position in Elevance Health, Inc. (NYSE:ELV) by 8.1% during the second quarter, Holdings Channel reports. The firm owned 21,747 shares of the company’s stock after buying an additional 1,629 shares during the quarter. HB Wealth Management LLC’s holdings in Elevance Health were worth $8,459,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Private Wealth Management Group LLC lifted its position in shares of Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. WPG Advisers LLC bought a new stake in Elevance Health in the 1st quarter valued at $29,000. Riverview Trust Co lifted its holdings in Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company’s stock valued at $31,000 after purchasing an additional 67 shares during the last quarter. North Capital Inc. bought a new position in Elevance Health during the first quarter worth $36,000. Finally, Saudi Central Bank acquired a new position in shares of Elevance Health in the first quarter valued at $40,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a report on Tuesday, July 22nd. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Wells Fargo & Company lowered their target price on Elevance Health from $400.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, August 15th. Barclays lifted their price target on Elevance Health from $327.00 to $373.00 and gave the stock an “overweight” rating in a report on Thursday, September 4th. Finally, UBS Group decreased their price objective on Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a report on Friday, September 5th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $411.06.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of Elevance Health stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, the chief executive officer directly owned 151,020 shares of the company’s stock, valued at $43,333,678.80. This represents a 5.96% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Susan D. Devore bought 1,200 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

ELV opened at $322.89 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $524.68. The firm has a market cap of $72.71 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 1.17 and a beta of 0.59. The business’s fifty day moving average is $304.83 and its 200-day moving average is $363.10.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). The company had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the firm earned $10.12 EPS. Sell-side analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th were paid a dividend of $1.71 per share. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.1%. Elevance Health’s dividend payout ratio is presently 29.11%.

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.