Proficio Capital Partners LLC Grows Position in Elevance Health, Inc. (NYSE:ELV)

Proficio Capital Partners LLC increased its position in Elevance Health, Inc. (NYSE:ELV) by 4.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 659 shares of the company’s stock after buying an additional 29 shares during the quarter. Proficio Capital Partners LLC’s holdings in Elevance Health were worth $341,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. abrdn plc raised its stake in shares of Elevance Health by 86.8% during the fourth quarter. abrdn plc now owns 278,397 shares of the company’s stock valued at $131,281,000 after acquiring an additional 129,364 shares during the last quarter. Cerity Partners LLC raised its position in Elevance Health by 21.3% during the 4th quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock valued at $24,663,000 after purchasing an additional 9,199 shares during the last quarter. Canoe Financial LP lifted its holdings in Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after buying an additional 517,116 shares during the period. Wetzel Investment Advisors Inc. bought a new stake in shares of Elevance Health in the 4th quarter worth approximately $218,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Elevance Health by 114.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after buying an additional 16,737 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ELV. Royal Bank of Canada lifted their price target on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, April 19th. UBS Group lifted their target price on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Wells Fargo & Company increased their price target on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Baird R W raised Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. Finally, Robert W. Baird assumed coverage on Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price for the company. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $611.36.

Elevance Health Stock Up 0.5 %

Elevance Health stock traded up $2.45 during mid-day trading on Wednesday, reaching $531.69. The stock had a trading volume of 94,690 shares, compared to its average volume of 1,008,985. The company has a market capitalization of $123.58 billion, a price-to-earnings ratio of 20.01, a PEG ratio of 1.16 and a beta of 0.84. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. Elevance Health, Inc. has a one year low of $412.00 and a one year high of $550.34. The company has a 50-day moving average price of $533.94 and a two-hundred day moving average price of $512.12.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The firm had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $9.46 earnings per share. On average, analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Buying and Selling

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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.