Centric Wealth Management Makes New Investment in Elevance Health, Inc. $ELV

Centric Wealth Management bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,400 shares of the company’s stock, valued at approximately $521,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. WealthCollab LLC boosted its stake in shares of Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after buying an additional 27 shares during the last quarter. Signet Financial Management LLC increased its position in Elevance Health by 3.5% during the first quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock valued at $245,000 after acquiring an additional 28 shares during the last quarter. Sapient Capital LLC increased its position in Elevance Health by 1.2% during the first quarter. Sapient Capital LLC now owns 2,612 shares of the company’s stock valued at $765,000 after acquiring an additional 31 shares during the last quarter. Mutual Advisors LLC lifted its holdings in Elevance Health by 1.4% in the fourth quarter. Mutual Advisors LLC now owns 2,290 shares of the company’s stock valued at $803,000 after acquiring an additional 32 shares during the period. Finally, Waddell & Associates LLC boosted its position in Elevance Health by 2.6% in the fourth quarter. Waddell & Associates LLC now owns 1,241 shares of the company’s stock worth $435,000 after purchasing an additional 32 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Evercore restated a “hold” rating on shares of Elevance Health in a research note on Tuesday, May 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and increased their price objective for the stock from $363.00 to $498.00 in a research note on Wednesday, May 20th. Bank of America boosted their target price on shares of Elevance Health from $435.00 to $460.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. UBS Group upped their target price on shares of Elevance Health from $400.00 to $460.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Finally, Royal Bank Of Canada decreased their price target on shares of Elevance Health from $439.00 to $424.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Stock Performance

Shares of ELV opened at $400.63 on Friday. The business has a 50-day simple moving average of $396.05 and a two-hundred day simple moving average of $358.15. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The stock has a market cap of $86.88 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.30 and a beta of 0.68.

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

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders 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 yield of 1.7%. Elevance Health’s payout ratio is currently 30.58%.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.34% of the stock is owned by corporate insiders.

About Elevance Health

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.