Elevance Health, Inc. $ELV Stock: Parcion Private Wealth LLC Increases Position

Parcion Private Wealth LLC increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 196.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,841 shares of the company’s stock after purchasing an additional 1,219 shares during the period. Parcion Private Wealth LLC’s holdings in Elevance Health were worth $716,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ELV. Activest Wealth Management raised its stake in Elevance Health by 146.2% in the third quarter. Activest Wealth Management now owns 64 shares of the company’s stock valued at $25,000 after buying an additional 38 shares during the last quarter. WealthCollab LLC grew its stake in shares of Elevance Health by 42.2% during the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after acquiring an additional 27 shares during the last quarter. Kilter Group LLC purchased a new stake in shares of Elevance Health during the second quarter worth about $28,000. Main Street Group LTD purchased a new stake in shares of Elevance Health during the first quarter worth about $39,000. Finally, Elevation Wealth Partners LLC increased its holdings in shares of Elevance Health by 600.0% during the second quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after acquiring an additional 90 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $419.67 on Friday. The company has a 50 day simple moving average of $410.62 and a two-hundred day simple moving average of $372.32. The stock has a market cap of $90.67 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 2.01 and a beta of 0.70. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $450.69.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $6.99 EPS for the quarter, beating the consensus estimate of $4.71 by $2.28. The company had revenue of $50.44 billion for the quarter, compared to analyst estimates of $49.28 billion. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $6.03 earnings per share. As a group, analysts predict that Elevance Health, Inc. will post 29.18 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a $1.72 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $6.88 dividend on an annualized basis and a yield of 1.6%. Elevance Health’s payout ratio is presently 29.34%.

Insider Buying and Selling at Elevance Health

In other news, CFO Mark Kaye sold 10,584 shares of the stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the sale, the chief financial officer directly owned 19,919 shares of the company’s stock, valued at $8,766,949.47. This represents a 34.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ELV shares. Guggenheim increased their price objective on shares of Elevance Health from $460.00 to $485.00 and gave the company a “buy” rating in a research report on Thursday, October 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Elevance Health in a research report on Thursday, August 13th. Robert W. Baird boosted their target price on shares of Elevance Health from $393.00 to $406.00 and gave the stock a “neutral” rating in a research report on Thursday, October 22nd. Leerink Partners upped their price target on shares of Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Finally, Truist Financial raised their price target on shares of Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $456.48.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.