Oppenheimer Asset Management Inc. Acquires 7,380 Shares of Elevance Health, Inc. (NYSE:ELV)

Oppenheimer Asset Management Inc. boosted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 93.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 15,236 shares of the company’s stock after purchasing an additional 7,380 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Elevance Health were worth $6,627,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELV. Accredited Wealth Management LLC bought a new position in Elevance Health during the fourth quarter worth about $25,000. Flagship Wealth Advisors LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at about $26,000. OFI Invest Asset Management bought a new stake in shares of Elevance Health in the fourth quarter valued at about $29,000. WealthTrak Capital Management LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at about $29,000. Finally, Lee Danner & Bass Inc. bought a new stake in shares of Elevance Health in the fourth quarter valued at about $30,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Price Performance

Elevance Health stock opened at $376.48 on Wednesday. Elevance Health, Inc. has a 12 month low of $357.45 and a 12 month high of $567.26. The stock’s 50 day moving average is $396.08 and its 200-day moving average is $398.93. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $85.06 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 0.95 and a beta of 0.60.

Elevance Health (NYSE:ELV) last posted its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating the consensus estimate of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The company had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. Equities research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s payout ratio is 26.69%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Baird R W lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. Mizuho boosted their price target on Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a report on Wednesday, April 9th. Argus set a $465.00 price target on Elevance Health in a report on Friday, April 25th. Barclays cut their price target on Elevance Health from $522.00 to $480.00 and set an “overweight” rating on the stock in a report on Monday, June 2nd. Finally, Robert W. Baird restated a “neutral” rating and issued a $529.00 price target (down from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $498.87.

Insider Activity

In related news, CFO Mark Kaye sold 4,588 shares of the business’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer now directly owns 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.29% of the stock is 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.