Power Wealth Management LLC Decreases Position in Elevance Health, Inc. $ELV

Power Wealth Management LLC decreased its holdings in Elevance Health, Inc. (NYSE:ELV) by 29.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,315 shares of the company’s stock after selling 1,843 shares during the quarter. Elevance Health comprises about 0.6% of Power Wealth Management LLC’s investment portfolio, making the stock its 26th largest holding. Power Wealth Management LLC’s holdings in Elevance Health were worth $1,669,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. WealthCollab LLC boosted its holdings in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after purchasing an additional 27 shares during the period. Kilter Group LLC acquired a new position in Elevance Health during the 2nd quarter worth $28,000. Kemnay Advisory Services Inc. purchased a new stake in Elevance Health during the 4th quarter worth about $31,000. J.Safra Asset Management Corp purchased a new stake in Elevance Health during the 4th quarter worth about $32,000. Finally, Main Street Group LTD acquired a new stake in Elevance Health in the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Up 2.3%

NYSE:ELV opened at $415.05 on Friday. The stock has a 50-day simple moving average of $396.48 and a 200-day simple moving average of $364.27. The stock has a market cap of $90.01 billion, a P/E ratio of 18.45, a P/E/G ratio of 2.11 and a beta of 0.69. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. 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 (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter in the prior year, the business posted $8.84 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. As a group, analysts anticipate that Elevance Health, Inc. will post 27.18 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 Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a $1.72 dividend. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio is currently 30.58%.

Wall Street Analysts Forecast Growth

ELV has been the subject of several recent research reports. Robert W. Baird lifted their price objective on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. TD Cowen raised their target price on shares of Elevance Health from $400.00 to $465.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Leerink Partners lifted their price target on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Elevance Health in a research note on Thursday, August 13th. Finally, Wells Fargo & Company lowered their price target on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Insider Buying and Selling

In other Elevance Health news, Director Robert Dixon, Jr. sold 151 shares of the firm’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 transaction of $60,667.27. Following the sale, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.