Western Wealth Management LLC Increases Stock Position in Elevance Health, Inc. $ELV

Western Wealth Management LLC boosted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 205.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,738 shares of the company’s stock after purchasing an additional 2,516 shares during the period. Western Wealth Management LLC’s holdings in Elevance Health were worth $1,094,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. WealthCollab LLC increased its position in shares of Elevance Health by 42.2% during the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after acquiring an additional 27 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Elevance Health during the 4th quarter valued at approximately $31,000. J.Safra Asset Management Corp purchased a new stake in Elevance Health during the 4th quarter worth approximately $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in Elevance Health during the 4th quarter worth approximately $38,000. Finally, Main Street Group LTD acquired a new position in shares of Elevance Health in the 1st quarter valued at approximately $39,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of research analyst reports. Royal Bank Of Canada dropped their price target on shares of Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a research note on Thursday, July 16th. Wells Fargo & Company dropped their target price on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a research report on Thursday, July 16th. Barclays cut their target price on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. Jefferies Financial Group decreased their price target on Elevance Health from $395.00 to $391.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, Sanford C. Bernstein set a $488.00 price objective on Elevance Health in a report on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Stock Up 1.9%

Shares of NYSE:ELV opened at $397.77 on Thursday. The company’s fifty day moving average is $396.58 and its two-hundred day moving average is $357.65. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. Elevance Health, Inc. has a 1-year low of $274.84 and a 1-year high of $436.24. The stock has a market capitalization of $86.26 billion, a price-to-earnings ratio of 17.68, a price-to-earnings-growth ratio of 2.24 and a beta of 0.68.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the business posted $8.84 EPS. Equities analysts anticipate that Elevance Health, Inc. will post 27.07 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio is 30.58%.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.34% of the company’s stock.

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.