Granite Harbor Advisors Inc. Has $1.63 Million Position in Elevance Health, Inc. $ELV

Granite Harbor Advisors Inc. lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,189 shares of the company’s stock after selling 66 shares during the quarter. Granite Harbor Advisors Inc.’s holdings in Elevance Health were worth $1,629,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ELV. Private Wealth Management Group LLC raised its holdings in Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. WPG Advisers LLC bought a new position in Elevance Health in the 1st quarter valued at approximately $29,000. North Capital Inc. bought a new position in Elevance Health in the 1st quarter valued at approximately $36,000. Saudi Central Bank bought a new position in Elevance Health in the 1st quarter valued at approximately $40,000. Finally, Berbice Capital Management LLC bought a new position in Elevance Health during the 1st quarter worth approximately $43,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $344.88 on Thursday. The company has a fifty day simple moving average of $325.40 and a 200 day simple moving average of $354.52. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $458.75. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The company has a market cap of $77.66 billion, a P/E ratio of 14.10, a PEG ratio of 1.28 and a beta of 0.59.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.31%. The business had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. During the same quarter last year, the firm posted $8.37 EPS. Elevance Health’s revenue was up 12.0% compared to the same quarter last year. Sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s payout ratio is currently 29.11%.

Analyst Upgrades and Downgrades

ELV has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Elevance Health in a report on Tuesday, October 14th. They set a “neutral” rating and a $343.00 price target for the company. Wells Fargo & Company lowered their price target on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a report on Wednesday. Sanford C. Bernstein lowered their price target on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating for the company in a report on Thursday, October 16th. Mizuho raised their price objective on shares of Elevance Health from $342.00 to $420.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Finally, Truist Financial set a $400.00 price objective on shares of Elevance Health in a research report on Tuesday, October 14th. Ten research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $398.94.

Insider Transactions at Elevance Health

In other news, Director Susan D. Devore acquired 1,200 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by corporate insiders.

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.