NorthRock Partners LLC Acquires 1,132 Shares of Elevance Health, Inc. (NYSE:ELV)

NorthRock Partners LLC boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 121.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,067 shares of the company’s stock after buying an additional 1,132 shares during the quarter. NorthRock Partners LLC’s holdings in Elevance Health were worth $763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in ELV. Accredited Wealth Management LLC acquired a new stake in shares of Elevance Health during the 4th quarter valued at about $25,000. Flagship Wealth Advisors LLC bought a new position in shares of Elevance Health in the fourth quarter worth about $26,000. OFI Invest Asset Management acquired a new position in Elevance Health during the 4th quarter worth $29,000. WealthTrak Capital Management LLC bought a new position in Elevance Health in the fourth quarter valued at about $29,000. Finally, Lee Danner & Bass Inc. acquired a new stake in shares of Elevance Health during the 4th quarter worth approximately $30,000. Institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Barclays lifted their price objective on shares of Elevance Health from $512.00 to $522.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $478.00 price target on shares of Elevance Health in a research report on Wednesday, April 23rd. Truist Financial upped their target price on shares of Elevance Health from $480.00 to $510.00 and gave the company a “buy” rating in a report on Friday, April 11th. Finally, Wells Fargo & Company cut their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus target price of $510.38.

Elevance Health Stock Up 4.0%

ELV stock opened at $389.42 on Friday. Elevance Health, Inc. has a fifty-two week low of $357.45 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The stock has a market capitalization of $87.98 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.18 and a beta of 0.66. The business’s fifty day moving average price is $422.87 and its two-hundred day moving average price is $403.76.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The business had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. On average, equities analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.76%. Elevance Health’s dividend payout ratio is presently 26.69%.

Insider Activity

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer now directly owns 18,977 shares of the company’s stock, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,535 shares of company stock worth $3,521,612. Corporate insiders own 0.29% of the company’s stock.

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.