Harbour Capital Advisors LLC Takes $260,000 Position in Elevance Health, Inc. (NYSE:ELV)

Harbour Capital Advisors LLC bought a new stake in Elevance Health, Inc. (NYSE:ELV) in the first quarter, Holdings Channel reports. The institutional investor bought 575 shares of the company’s stock, valued at approximately $260,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ELV. Vanguard Group Inc. raised its stake in shares of Elevance Health by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company’s stock valued at $7,926,028,000 after buying an additional 138,380 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Elevance Health by 4.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company’s stock worth $3,917,004,000 after purchasing an additional 464,137 shares in the last quarter. Wellington Management Group LLP lifted its stake in Elevance Health by 42.5% during the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock worth $2,344,556,000 after purchasing an additional 1,893,947 shares during the period. Geode Capital Management LLC boosted its holdings in Elevance Health by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company’s stock valued at $1,826,447,000 after purchasing an additional 115,971 shares in the last quarter. Finally, Sanders Capital LLC grew its stake in shares of Elevance Health by 1.7% in the 4th quarter. Sanders Capital LLC now owns 4,686,154 shares of the company’s stock valued at $1,728,722,000 after purchasing an additional 76,896 shares during the period. 89.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Sanford C. Bernstein restated an “outperform” rating on shares of Elevance Health in a research report on Friday, March 28th. 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. Royal Bank Of Canada reiterated an “outperform” rating and set a $478.00 target price on shares of Elevance Health in a research report on Wednesday, June 4th. Mizuho lifted their price target on shares of Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a report on Wednesday, April 9th. Finally, Baird R W cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $498.87.

Elevance Health Stock Performance

ELV stock opened at $376.48 on Wednesday. The company has a 50 day moving average price of $396.08 and a 200 day moving average price of $398.93. 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 0.66, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market capitalization of $85.06 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 0.95 and a beta of 0.60.

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

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 annualized dividend and a yield of 1.82%. Elevance Health’s dividend payout ratio is currently 26.69%.

Insider Buying and Selling at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the transaction, the chief financial officer now owns 18,977 shares of the company’s stock, valued at $8,061,809.14. This represents a 19.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

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.