Keudell Morrison Wealth Management Reduces Stock Position in Elevance Health, Inc. $ELV

Keudell Morrison Wealth Management lessened its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.6% during the second quarter, HoldingsChannel.com reports. The fund owned 5,013 shares of the company’s stock after selling 82 shares during the period. Keudell Morrison Wealth Management’s holdings in Elevance Health were worth $1,950,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ELV. Private Wealth Management Group LLC increased its holdings in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares during the period. WPG Advisers LLC bought a new stake in Elevance Health during the 1st quarter worth approximately $29,000. North Capital Inc. bought a new stake in Elevance Health during the 1st quarter worth approximately $36,000. Saudi Central Bank bought a new stake in Elevance Health during the 1st quarter worth approximately $40,000. Finally, Berbice Capital Management LLC bought a new stake in Elevance Health during the 1st quarter worth approximately $43,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ELV shares. UBS Group decreased their target price on shares of Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a report on Friday, September 5th. Leerink Partners reissued a “market perform” rating and issued a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Leerink Partnrs lowered shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 17th. Weiss Ratings reissued a “sell (d+)” rating on shares of Elevance Health in a report on Saturday, September 27th. Finally, Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $411.06.

Elevance Health Price Performance

ELV stock opened at $351.11 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $510.24. The firm’s fifty day moving average is $307.98 and its 200 day moving average is $361.19. The firm has a market cap of $79.06 billion, a P/E ratio of 14.94, a P/E/G ratio of 1.28 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 business had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. During the same period in the prior year, the business posted $10.12 EPS. Elevance Health’s revenue for the quarter was up 14.3% on a year-over-year basis. Research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.9%. Elevance Health’s dividend payout ratio (DPR) is currently 29.11%.

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of the company’s stock in a transaction on Friday, July 18th. The stock was acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the transaction, the chief executive officer directly owned 151,020 shares of the company’s stock, valued at approximately $43,333,678.80. This represents a 5.96% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan D. Devore purchased 1,200 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director directly owned 3,502 shares in the company, valued at $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 currently owned by company insiders.

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.