Brophy Wealth Management LLC Makes New $200,000 Investment in Elevance Health, Inc. (NYSE:ELV)

Brophy Wealth Management LLC purchased a new position in Elevance Health, Inc. (NYSE:ELV) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 385 shares of the company’s stock, valued at approximately $200,000.

Several other hedge funds have also recently added to or reduced their stakes in ELV. Pathway Financial Advisers LLC grew its position in Elevance Health by 51,967.1% in the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after buying an additional 656,344 shares during the last quarter. Stifel Financial Corp grew its position in Elevance Health by 309.7% during the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock worth $370,794,000 after purchasing an additional 538,978 shares in the last quarter. International Assets Investment Management LLC grew its position in Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after purchasing an additional 532,016 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in Elevance Health by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock worth $2,320,024,000 after purchasing an additional 286,905 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Ratings Changes

ELV has been the topic of several research analyst reports. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Cantor Fitzgerald lowered their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. UBS Group lowered their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Barclays decreased their target price on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Finally, TD Cowen decreased their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.29% of the company’s stock.

Elevance Health Stock Down 1.4 %

Elevance Health stock opened at $389.98 on Wednesday. The firm has a market cap of $90.44 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 1.14 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health, Inc. has a fifty-two week low of $379.29 and a fifty-two week high of $567.26. The firm has a fifty day moving average price of $431.73 and a two-hundred day moving average price of $497.93.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period in the prior year, the firm earned $8.99 EPS. The firm’s revenue was up 5.3% on a year-over-year basis. As a group, analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.67%. Elevance Health’s payout ratio is 23.77%.

Elevance Health Company Profile

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.