Commonwealth Equity Services LLC Acquires 3,193 Shares of Elevance Health, Inc. (NYSE:ELV)

Commonwealth Equity Services LLC lifted its stake in Elevance Health, Inc. (NYSE:ELV) by 6.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,772 shares of the company’s stock after purchasing an additional 3,193 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Elevance Health were worth $23,389,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Smithfield Trust Co boosted its holdings in Elevance Health by 9.5% in the first quarter. Smithfield Trust Co now owns 425 shares of the company’s stock worth $183,000 after acquiring an additional 37 shares in the last quarter. Heritage Trust Co raised its position in shares of Elevance Health by 18.9% in the 1st quarter. Heritage Trust Co now owns 1,754 shares of the company’s stock worth $763,000 after purchasing an additional 279 shares during the last quarter. Argent Trust Co boosted its stake in Elevance Health by 36.9% in the 1st quarter. Argent Trust Co now owns 16,119 shares of the company’s stock worth $7,011,000 after purchasing an additional 4,345 shares in the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych grew its position in Elevance Health by 5.3% during the 1st quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 600 shares of the company’s stock valued at $261,000 after purchasing an additional 30 shares during the last quarter. Finally, Manchester Capital Management LLC increased its stake in Elevance Health by 11.6% during the 1st quarter. Manchester Capital Management LLC now owns 816 shares of the company’s stock valued at $355,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the topic of several analyst reports. Guggenheim dropped their target price on shares of Elevance Health from $447.00 to $360.00 and set a “buy” rating on the stock in a research note on Friday, July 18th. UBS Group reiterated a “buy” rating and set a $484.00 target price (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Royal Bank Of Canada restated an “outperform” rating and issued a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. JPMorgan Chase & Co. reduced their price objective on Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a report on Tuesday, July 22nd. Finally, Morgan Stanley decreased their price objective on shares of Elevance Health from $428.00 to $316.00 and set an “overweight” rating for the company in a report on Friday, July 18th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $418.19.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the firm’s stock in a transaction that occurred on Friday, July 18th. The shares were bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the purchase, the chief executive officer owned 151,020 shares of the company’s stock, valued at $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Elevance Health Stock Performance

Shares of ELV opened at $276.39 on Thursday. The business has a 50-day simple moving average of $343.89 and a two-hundred day simple moving average of $386.77. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $567.26. The stock has a market cap of $62.24 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 1.01 and a beta of 0.58.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. Elevance Health’s revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $10.12 EPS. On average, analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.5%. Elevance Health’s dividend payout ratio is 29.11%.

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.