Private Advisory Group LLC Boosts Holdings in Elevance Health, Inc. (NYSE:ELV)

Private Advisory Group LLC lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 14.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 16,500 shares of the company’s stock after buying an additional 2,114 shares during the period. Private Advisory Group LLC’s holdings in Elevance Health were worth $7,177,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Milestone Asset Management LLC increased its stake in shares of Elevance Health by 2.2% during the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company’s stock valued at $488,000 after purchasing an additional 24 shares in the last quarter. GLOBALT Investments LLC GA boosted its position in shares of Elevance Health by 0.4% in the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company’s stock worth $2,743,000 after purchasing an additional 24 shares in the last quarter. Elser Financial Planning Inc grew its stake in shares of Elevance Health by 3.0% in the 1st quarter. Elser Financial Planning Inc now owns 882 shares of the company’s stock worth $384,000 after buying an additional 26 shares during the last quarter. Checchi Capital Advisers LLC increased its position in Elevance Health by 1.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company’s stock valued at $1,190,000 after buying an additional 27 shares in the last quarter. Finally, Prudent Man Advisors LLC raised its stake in Elevance Health by 2.3% during the first quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company’s stock valued at $547,000 after buying an additional 28 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on ELV shares. Truist Financial lowered their price target on Elevance Health from $500.00 to $440.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Wells Fargo & Company dropped their target price on shares of Elevance Health from $478.00 to $400.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 15th. Leerink Partners reissued a “market perform” rating and set a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Morgan Stanley decreased their price objective on shares of Elevance Health from $428.00 to $316.00 and set an “overweight” rating for the company in a report on Friday, July 18th. Finally, Wall Street Zen downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, July 18th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $418.19.

Elevance Health Price Performance

NYSE ELV opened at $293.99 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $66.20 billion, a P/E ratio of 12.51, a PEG ratio of 1.06 and a beta of 0.60. The company has a 50-day moving average price of $353.84 and a 200-day moving average price of $390.66. Elevance Health, Inc. has a 52 week low of $274.40 and a 52 week high of $567.26.

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

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.33%. Elevance Health’s dividend payout ratio (DPR) is presently 29.11%.

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction on Friday, July 18th. The stock was acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the transaction, the chief executive officer directly owned 151,020 shares in the company, valued at $43,333,678.80. This represents a 5.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.