Modera Wealth Management LLC Decreases Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Modera Wealth Management LLC reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 0.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,779 shares of the company’s stock after selling 155 shares during the period. Modera Wealth Management LLC’s holdings in Elevance Health were worth $10,343,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Accredited Wealth Management LLC bought a new stake in shares of Elevance Health during the 4th quarter valued at about $25,000. Private Wealth Management Group LLC lifted its holdings in Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after buying an additional 38 shares during the period. Riverview Trust Co boosted its position in Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company’s stock valued at $31,000 after acquiring an additional 67 shares in the last quarter. North Capital Inc. purchased a new position in shares of Elevance Health during the 1st quarter worth approximately $36,000. Finally, Orion Capital Management LLC bought a new position in shares of Elevance Health in the 4th quarter worth approximately $39,000. 89.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Truist Financial dropped their price target on Elevance Health from $500.00 to $440.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Morgan Stanley dropped their target price on shares of Elevance Health from $428.00 to $316.00 and set an “overweight” rating on the stock in a report on Friday, July 18th. UBS Group reiterated a “buy” rating and issued a $484.00 price target (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. JPMorgan Chase & Co. dropped their price objective on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 22nd. Finally, Baird R W downgraded shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $418.19.

Insider Activity at Elevance Health

In related news, CEO Gail Boudreaux acquired 8,500 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The stock was bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the purchase, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.29% of the stock is owned by company insiders.

Elevance Health Trading Up 1.8%

Shares of NYSE:ELV opened at $293.99 on Thursday. The stock’s 50-day simple moving average is $353.84 and its two-hundred day simple moving average is $390.66. The stock has a market capitalization of $66.20 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 1.06 and a beta of 0.60. Elevance Health, Inc. has a 52-week low of $274.40 and a 52-week high of $567.26. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). The business had revenue of $49.42 billion for the quarter, compared to analysts’ expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the company posted $10.12 earnings per share. Analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health’s payout ratio is 29.11%.

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.