Proficio Capital Partners LLC Purchases New Position in Elevance Health, Inc. $ELV

Proficio Capital Partners LLC purchased a new position in Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,400 shares of the company’s stock, valued at approximately $542,000.

Several other large investors have also bought and sold shares of ELV. WealthCollab LLC raised its position 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 acquiring an additional 27 shares in the last quarter. Kilter Group LLC bought a new stake in shares of Elevance Health during the second quarter valued at approximately $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Elevance Health during the fourth quarter valued at approximately $31,000. J.Safra Asset Management Corp purchased a new stake in Elevance Health in the fourth quarter worth $32,000. Finally, Main Street Group LTD purchased a new stake in Elevance Health in the first quarter worth $39,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Trading Up 0.8%

Elevance Health stock opened at $406.17 on Thursday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The business’s fifty day simple moving average is $395.92 and its two-hundred day simple moving average is $363.79. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The company has a market capitalization of $88.09 billion, a price-to-earnings ratio of 18.05, a price-to-earnings-growth ratio of 2.10 and a beta of 0.69.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company’s revenue was up .8% on a year-over-year basis. During the same period last year, the company earned $8.84 earnings per share. As a group, equities analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

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

Analyst Ratings Changes

Several brokerages have commented on ELV. Robert W. Baird raised their price objective on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $395.00 target price on shares of Elevance Health in a research report on Thursday, July 16th. 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 for the company in a research note on Thursday, July 16th. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. Finally, Truist Financial upped their price objective on shares of Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $440.90.

Insiders Place Their Bets

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

Elevance Health Company 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.