Axxcess Wealth Management LLC Raises Position in Elevance Health, Inc. (NYSE:ELV)

Axxcess Wealth Management LLC lifted its stake in Elevance Health, Inc. (NYSE:ELV) by 48.1% in the 4th quarter, HoldingsChannel reports. The firm owned 1,509 shares of the company’s stock after acquiring an additional 490 shares during the period. Axxcess Wealth Management LLC’s holdings in Elevance Health were worth $557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of ELV. Prospera Private Wealth LLC bought a new position in shares of Elevance Health in the third quarter worth about $52,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Elevance Health by 460.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,923 shares of the company’s stock valued at $2,560,000 after purchasing an additional 4,044 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Elevance Health by 57.4% in the third quarter. Advisors Asset Management Inc. now owns 8,377 shares of the company’s stock worth $4,356,000 after purchasing an additional 3,054 shares during the period. First Horizon Advisors Inc. increased its stake in shares of Elevance Health by 6.5% in the third quarter. First Horizon Advisors Inc. now owns 854 shares of the company’s stock worth $444,000 after purchasing an additional 52 shares in the last quarter. Finally, Intech Investment Management LLC raised its position in shares of Elevance Health by 67.6% during the 3rd quarter. Intech Investment Management LLC now owns 27,070 shares of the company’s stock valued at $14,076,000 after purchasing an additional 10,915 shares during the period. 89.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Truist Financial dropped their target price on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Argus raised Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 target price on the stock in a research note on Monday, March 17th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research report on Friday, January 24th. Finally, Barclays lifted their price target on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $519.81.

Insiders Place Their Bets

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the sale, the chief accounting officer now owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $427.27 on Friday. The stock has a market cap of $97.14 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The stock has a 50 day moving average price of $400.52 and a 200-day moving average price of $426.27. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.60%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio is presently 26.71%.

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.