PFG Investments LLC Buys New Position in Elevance Health, Inc. (NYSE:ELV)

PFG Investments LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 770 shares of the company’s stock, valued at approximately $399,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new position in Elevance Health during the fourth quarter worth about $1,347,434,000. Massachusetts Financial Services Co. MA bought a new position in shares of Elevance Health during the 4th quarter worth approximately $467,141,000. Canoe Financial LP boosted its stake in shares of Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after buying an additional 517,116 shares during the last quarter. Morningstar Investment Services LLC bought a new position in shares of Elevance Health in the fourth quarter valued at approximately $239,244,000. Finally, International Assets Investment Management LLC increased its position in shares of Elevance Health by 45,888.1% during the fourth quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after acquiring an additional 255,138 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

ELV traded down $5.40 during trading on Tuesday, reaching $528.58. 946,521 shares of the company were exchanged, compared to its average volume of 1,053,578. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. The company has a market cap of $122.85 billion, a price-to-earnings ratio of 19.98, a P/E/G ratio of 1.19 and a beta of 0.78. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $542.07. The company’s 50-day moving average is $512.71 and its two-hundred day moving average is $487.94.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The firm had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the firm posted $9.46 earnings per share. Research analysts forecast that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.23%. The ex-dividend date is Monday, June 10th. Elevance Health’s payout ratio is 24.64%.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the transaction, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the transaction, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

ELV has been the subject of several research reports. Jefferies Financial Group increased their price target on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research report on Friday, April 19th. UBS Group raised their price target on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Truist Financial reaffirmed a “buy” rating and issued a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Wells Fargo & Company increased their price objective on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Mizuho boosted their target price on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $587.42.

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.