Abacus Planning Group Inc. Has $381,000 Holdings in Elevance Health, Inc. $ELV

Abacus Planning Group Inc. raised its position in shares of Elevance Health, Inc. (NYSE:ELV) by 14.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 979 shares of the company’s stock after purchasing an additional 125 shares during the quarter. Abacus Planning Group Inc.’s holdings in Elevance Health were worth $381,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CWA Asset Management Group LLC acquired a new stake in Elevance Health during the 1st quarter valued at approximately $299,000. Focus Partners Wealth grew its position in shares of Elevance Health by 4.6% during the 1st quarter. Focus Partners Wealth now owns 22,446 shares of the company’s stock worth $9,764,000 after buying an additional 982 shares during the period. Dynamic Advisor Solutions LLC grew its position in shares of Elevance Health by 11.3% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company’s stock worth $3,125,000 after buying an additional 817 shares during the period. GAMMA Investing LLC grew its position in shares of Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company’s stock worth $1,475,000 after buying an additional 1,588 shares during the period. Finally, Ransom Advisory Ltd acquired a new stake in shares of Elevance Health during the 1st quarter worth approximately $522,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In related news, CEO Gail Boudreaux acquired 8,500 shares of the company’s stock in a transaction on Friday, July 18th. The shares were acquired 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 approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Susan D. Devore acquired 1,200 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were bought at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on ELV shares. Guggenheim reduced their price objective on shares of Elevance Health from $447.00 to $360.00 and set a “buy” rating for the company in a research report on Friday, July 18th. Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, July 18th. Leerink Partnrs downgraded shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. reduced their price objective on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a research report on Tuesday, July 22nd. Finally, Barclays raised their price objective on shares of Elevance Health from $327.00 to $373.00 and gave the stock an “overweight” rating in a research report on Thursday, September 4th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and an average price target of $411.06.

Elevance Health Price Performance

Shares of ELV opened at $340.18 on Friday. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $510.24. The business’s fifty day moving average is $306.74 and its 200 day moving average is $362.26. 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 stock has a market cap of $76.60 billion, a P/E ratio of 14.48, a P/E/G ratio of 1.22 and a beta of 0.59.

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

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th were paid a dividend of $1.71 per share. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.0%. Elevance Health’s dividend payout ratio (DPR) 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.