Elevance Health, Inc. (NYSE:ELV) Shares Purchased by Procyon Advisors LLC

Procyon Advisors LLC lifted its stake in Elevance Health, Inc. (NYSE:ELV) by 9.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,870 shares of the company’s stock after acquiring an additional 168 shares during the period. Procyon Advisors LLC’s holdings in Elevance Health were worth $882,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ELV. Norges Bank acquired a new stake in shares of Elevance Health in the 4th quarter worth approximately $1,253,211,000. Legal & General Group Plc bought a new stake in shares of Elevance Health in the 4th quarter worth approximately $944,528,000. Moneta Group Investment Advisors LLC bought a new stake in shares of Elevance Health in the 4th quarter worth approximately $664,077,000. Veritas Asset Management LLP acquired a new stake in shares of Elevance Health during the second quarter valued at approximately $503,385,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Elevance Health by 825.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock valued at $372,715,000 after acquiring an additional 676,769 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Barclays assumed coverage on shares of Elevance Health in a research report on Wednesday, March 6th. They issued an “overweight” rating and a $584.00 target price for the company. Royal Bank of Canada boosted their target price on shares of Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Finally, Cantor Fitzgerald boosted their target price on shares of Elevance Health from $547.00 to $580.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $569.36.

Elevance Health Trading Up 0.0 %

Elevance Health stock traded up $0.14 during midday trading on Thursday, hitting $520.10. 98,765 shares of the stock were exchanged, compared to its average volume of 1,010,618. The company has a fifty day simple moving average of $500.26 and a two-hundred day simple moving average of $475.45. Elevance Health, Inc. has a 52 week low of $412.00 and a 52 week high of $521.18. The stock has a market capitalization of $121.03 billion, a PE ratio of 20.66, a P/E/G ratio of 1.16 and a beta of 0.78. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, January 24th. The company reported $5.62 earnings per share for the quarter, topping analysts’ consensus estimates of $5.60 by $0.02. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The business had revenue of $42.45 billion for the quarter, compared to the consensus estimate of $42.19 billion. During the same period in the previous year, the company earned $5.23 earnings per share. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities research analysts anticipate that Elevance Health, Inc. will post 37.15 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Thursday, March 7th. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s payout ratio is 25.90%.

Insiders Place Their Bets

In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the transaction, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.35% of the company’s stock.

About Elevance Health

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.