Wealthfront Advisers LLC Buys 2,042 Shares of Elevance Health, Inc. $ELV

Wealthfront Advisers LLC boosted its stake in Elevance Health, Inc. (NYSE:ELV) by 14.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,750 shares of the company’s stock after purchasing an additional 2,042 shares during the quarter. Wealthfront Advisers LLC’s holdings in Elevance Health were worth $6,126,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Verdence Capital Advisors LLC increased its stake in shares of Elevance Health by 3.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company’s stock valued at $8,251,000 after acquiring an additional 790 shares during the last quarter. Dynamic Advisor Solutions LLC increased its stake in Elevance Health by 11.3% in the second quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company’s stock valued at $3,125,000 after purchasing an additional 817 shares in the last quarter. Focus Partners Wealth raised its holdings in Elevance Health by 4.6% in the first quarter. Focus Partners Wealth now owns 22,446 shares of the company’s stock worth $9,764,000 after purchasing an additional 982 shares during the period. Asio Capital LLC boosted its position in shares of Elevance Health by 7.1% during the second quarter. Asio Capital LLC now owns 15,371 shares of the company’s stock worth $5,979,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Generate Investment Management Ltd grew its holdings in shares of Elevance Health by 164.4% in the 2nd quarter. Generate Investment Management Ltd now owns 98,052 shares of the company’s stock valued at $38,138,000 after buying an additional 60,963 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analysts Set New Price Targets

ELV has been the topic of several recent analyst reports. Mizuho lifted their target price on Elevance Health from $342.00 to $420.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Wells Fargo & Company lowered their price objective on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. TD Cowen upped their price target on Elevance Health from $330.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Finally, Barclays lowered their price target on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 22nd. Twelve analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $398.44.

Elevance Health Trading Down 0.7%

Shares of NYSE:ELV opened at $339.94 on Wednesday. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75. The company has a market capitalization of $75.55 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 1.25 and a beta of 0.59. The company has a 50-day simple moving average of $328.28 and a 200 day simple moving average of $350.94. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. During the same quarter in the previous year, the business earned $8.37 earnings per share. The business’s revenue was up 12.0% compared to the same quarter last year. Sell-side analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, December 5th. This represents a $6.84 annualized dividend and a yield of 2.0%. Elevance Health’s dividend payout ratio (DPR) is currently 27.96%.

Insider Buying and Selling

In related news, Director Susan D. Devore acquired 1,200 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is currently owned by company insiders.

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.