Advisory Alpha LLC Acquires 387 Shares of Elevance Health, Inc. (NYSE:ELV)

Advisory Alpha LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 68.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 955 shares of the company’s stock after purchasing an additional 387 shares during the quarter. Advisory Alpha LLC’s holdings in Elevance Health were worth $495,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Elevance Health during the 4th quarter worth approximately $1,347,434,000. Massachusetts Financial Services Co. MA bought a new position in Elevance Health during the 4th quarter worth approximately $467,141,000. Canoe Financial LP boosted its stake in Elevance Health by 158.1% during the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after acquiring an additional 517,116 shares during the last quarter. Morningstar Investment Services LLC bought a new position in Elevance Health during the 4th quarter worth approximately $239,244,000. Finally, Focused Investors Fund L P bought a new position in Elevance Health during the 1st quarter worth approximately $249,884,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ELV. Cantor Fitzgerald restated an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Mizuho lifted their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Truist Financial reiterated a “buy” rating and issued a $600.00 price objective (up from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Finally, Bank of America lifted their price objective on shares of Elevance Health from $621.00 to $646.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Elevance Health currently has an average rating of “Buy” and a consensus price target of $611.36.

Insider Activity

In other news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.35% of the stock is currently owned by insiders.

Elevance Health Stock Performance

Shares of Elevance Health stock traded up $0.21 during trading on Friday, reaching $534.03. The company’s stock had a trading volume of 138,159 shares, compared to its average volume of 1,005,380. The firm has a market cap of $124.12 billion, a PE ratio of 20.17, a P/E/G ratio of 1.18 and a beta of 0.84. The business’s 50-day moving average price is $534.30 and its 200-day moving average price is $512.43. Elevance Health, Inc. has a 52 week low of $414.79 and a 52 week high of $550.34. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54.

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

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

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.