Evolve Private Wealth LLC Invests $554,000 in Elevance Health, Inc. $ELV

Evolve Private Wealth LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the second quarter, Holdings Channel reports. The institutional investor acquired 1,432 shares of the company’s stock, valued at approximately $554,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Elevance Health in the second quarter worth $7,344,424,000. Bank of New York Mellon Corp bought a new position in shares of Elevance Health during the second quarter valued at about $1,246,349,000. Norges Bank bought a new position in shares of Elevance Health during the fourth quarter valued at about $1,058,165,000. Wellington Management Group LLP increased its holdings in shares of Elevance Health by 25.2% in the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock worth $2,906,051,000 after buying an additional 1,668,679 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock valued at $2,610,261,000 after acquiring an additional 1,607,274 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the transaction, the director directly owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.34% of the company’s stock.

Elevance Health Trading Up 0.5%

NYSE ELV opened at $402.62 on Tuesday. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The stock has a 50 day simple moving average of $394.79 and a two-hundred day simple moving average of $360.49. The stock has a market cap of $87.32 billion, a P/E ratio of 17.89, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the company earned $8.84 EPS. On average, analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health’s payout ratio is 30.58%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Citigroup upgraded Elevance Health to a “buy” rating in a research report on Wednesday, April 29th. Truist Financial increased their price objective on Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Leerink Partners raised their target price on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. UBS Group lifted their target price on shares of Elevance Health from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Finally, Cantor Fitzgerald increased their price target on shares of Elevance Health from $400.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and an average target price of $440.90.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.