E&G Advisors LP Makes New $231,000 Investment in Elevance Health, Inc. (NYSE:ELV)

E&G Advisors LP acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the first quarter, HoldingsChannel reports. The fund acquired 530 shares of the company’s stock, valued at approximately $231,000.

A number of other hedge funds have also recently added to or reduced their stakes in ELV. Wealthspire Advisors LLC grew its holdings in Elevance Health by 22.4% during the 4th quarter. Wealthspire Advisors LLC now owns 1,028 shares of the company’s stock worth $379,000 after acquiring an additional 188 shares during the last quarter. Howard Capital Management Inc. grew its holdings in Elevance Health by 5.0% during the 4th quarter. Howard Capital Management Inc. now owns 1,524 shares of the company’s stock worth $562,000 after acquiring an additional 72 shares during the last quarter. Crestwood Advisors Group LLC grew its holdings in Elevance Health by 26.9% during the 4th quarter. Crestwood Advisors Group LLC now owns 669 shares of the company’s stock worth $247,000 after acquiring an additional 142 shares during the last quarter. Impax Asset Management Group plc boosted its stake in shares of Elevance Health by 1.1% in the 4th quarter. Impax Asset Management Group plc now owns 25,596 shares of the company’s stock valued at $9,442,000 after purchasing an additional 291 shares during the last quarter. Finally, National Pension Service boosted its stake in shares of Elevance Health by 4.1% in the 4th quarter. National Pension Service now owns 493,614 shares of the company’s stock valued at $182,094,000 after purchasing an additional 19,542 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ELV. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Baird R W lowered shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Barclays reduced their target price on shares of Elevance Health from $522.00 to $480.00 and set an “overweight” rating on the stock in a research note on Monday, June 2nd. Robert W. Baird reaffirmed a “neutral” rating and issued a $529.00 target price (down previously from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $518.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $498.87.

Insider Activity

In related news, CFO Mark Kaye sold 4,588 shares of the business’s stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the transaction, the chief financial officer now directly owns 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Elevance Health Stock Performance

Shares of ELV stock opened at $376.48 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market capitalization of $85.06 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 0.95 and a beta of 0.60. The company’s 50 day moving average price is $396.08 and its two-hundred day moving average price is $398.93. Elevance Health, Inc. has a 52 week low of $357.45 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last announced its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping the consensus estimate of $10.60 by $1.37. The firm had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. On average, analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a $1.71 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.82%. Elevance Health’s dividend payout ratio (DPR) is presently 26.69%.

Elevance Health 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.