Insider Buying: Elevance Health (NYSE:ELV) Director Buys 1,200 Shares of Stock

Elevance Health, Inc. (NYSE:ELV) Director Susan Devore acquired 1,200 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the transaction, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Elevance Health Trading Down 0.2%

NYSE ELV opened at $309.4460 on Friday. The company has a market capitalization of $69.68 billion, a PE ratio of 13.17, a price-to-earnings-growth ratio of 1.14 and a beta of 0.58. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $567.26. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm’s fifty day simple moving average is $325.56 and its 200-day simple moving average is $379.31.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). The firm had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The business’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the company earned $10.12 earnings per share. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given 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 2.2%. Elevance Health’s payout ratio is currently 29.11%.

Institutional Trading of Elevance Health

Several hedge funds and other institutional investors have recently bought and sold shares of ELV. Thompson Davis & CO. Inc. bought a new position in shares of Elevance Health during the 2nd quarter worth about $293,000. Forefront Wealth Partners LLC grew its position in Elevance Health by 24.7% during the second quarter. Forefront Wealth Partners LLC now owns 929 shares of the company’s stock worth $343,000 after buying an additional 184 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in Elevance Health during the second quarter valued at about $612,000. Cape Investment Advisory Inc. raised its holdings in Elevance Health by 4.3% in the 2nd quarter. Cape Investment Advisory Inc. now owns 3,957 shares of the company’s stock valued at $1,539,000 after acquiring an additional 163 shares in the last quarter. Finally, Advisory Services Network LLC raised its holdings in Elevance Health by 68.3% in the 2nd quarter. Advisory Services Network LLC now owns 3,833 shares of the company’s stock valued at $1,491,000 after acquiring an additional 1,556 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Barclays lowered their price objective on Elevance Health from $434.00 to $358.00 and set an “overweight” rating on the stock in a report on Friday, July 18th. Morgan Stanley decreased their target price on Elevance Health from $428.00 to $316.00 and set an “overweight” rating for the company in a research report on Friday, July 18th. Truist Financial dropped their price target on shares of Elevance Health from $500.00 to $440.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. JPMorgan Chase & Co. reduced their price objective on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a research note on Tuesday, July 22nd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus price target of $413.81.

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.