Synergy Asset Management LLC Has $20.29 Million Position in Elevance Health, Inc. $ELV

Synergy Asset Management LLC raised its position in Elevance Health, Inc. (NYSE:ELV) by 2,431.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 52,167 shares of the company’s stock after acquiring an additional 50,106 shares during the quarter. Elevance Health makes up about 2.3% of Synergy Asset Management LLC’s investment portfolio, making the stock its 14th largest holding. Synergy Asset Management LLC’s holdings in Elevance Health were worth $20,291,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ELV. Versant Capital Management Inc lifted its stake in Elevance Health by 76.1% in the first quarter. Versant Capital Management Inc now owns 125 shares of the company’s stock valued at $54,000 after acquiring an additional 54 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Elevance Health during the 1st quarter worth about $90,000. Merit Financial Group LLC lifted its stake in shares of Elevance Health by 87.0% during the 1st quarter. Merit Financial Group LLC now owns 6,393 shares of the company’s stock worth $2,781,000 after buying an additional 2,975 shares during the last quarter. Fulton Bank N.A. lifted its stake in shares of Elevance Health by 42.6% during the 1st quarter. Fulton Bank N.A. now owns 1,540 shares of the company’s stock worth $670,000 after buying an additional 460 shares during the last quarter. Finally, RFG Advisory LLC lifted its stake in shares of Elevance Health by 7.0% during the 1st quarter. RFG Advisory LLC now owns 1,945 shares of the company’s stock worth $846,000 after buying an additional 128 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Robert W. Baird cut their target price on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Morgan Stanley cut their target price on shares of Elevance Health from $428.00 to $316.00 and set an “overweight” rating for the company in a research note on Friday, July 18th. Guggenheim cut their target price on shares of Elevance Health from $447.00 to $360.00 and set a “buy” rating for the company in a research note on Friday, July 18th. Leerink Partners restated a “market perform” rating and set a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Finally, Wells Fargo & Company cut their target price on shares of Elevance Health from $400.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, August 15th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $411.06.

Insider Activity

In other news, CEO Gail Boudreaux bought 8,500 shares of the firm’s stock in a transaction on Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan D. Devore bought 1,200 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by company insiders.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $340.18 on Friday. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $510.24. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The company has a 50-day simple moving average of $306.74 and a two-hundred day simple moving average of $362.26. The stock has a market capitalization of $76.60 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 1.22 and a beta of 0.59.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same period in the prior year, the business earned $10.12 earnings per share. Elevance Health’s quarterly revenue was up 14.3% compared to the same quarter last year. Analysts forecast 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 was paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Wednesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is currently 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.