SVB Wealth LLC Lowers Position in Elevance Health, Inc. $ELV

SVB Wealth LLC lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 16.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,438 shares of the company’s stock after selling 1,500 shares during the period. SVB Wealth LLC’s holdings in Elevance Health were worth $2,876,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. 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 buying an additional 27 shares during the period. Kilter Group LLC acquired a new stake in Elevance Health during the second quarter worth about $28,000. Kemnay Advisory Services Inc. acquired a new stake in Elevance Health during the fourth quarter worth about $31,000. J.Safra Asset Management Corp purchased a new position in shares of Elevance Health in the 4th quarter worth about $32,000. Finally, Main Street Group LTD purchased a new position in shares of Elevance Health in the 1st quarter worth about $39,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $402.04 on Wednesday. The business’s 50-day simple moving average is $397.41 and its 200 day simple moving average is $365.53. The company has a market cap of $87.19 billion, a P/E ratio of 17.87, a PEG ratio of 2.12 and a beta of 0.69. 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 one year low of $274.84 and a one year high of $436.24.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter last year, the company earned $8.84 earnings per share. Elevance Health’s revenue for the quarter was up .8% on a year-over-year basis. On average, sell-side analysts forecast 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. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. Elevance Health’s payout ratio is currently 30.58%.

Insider Buying and Selling

In other Elevance Health news, Director Robert Dixon, Jr. sold 151 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ELV shares. Cantor Fitzgerald boosted their target price on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Raymond James Financial set a $450.00 price target on shares of Elevance Health in a research report on Tuesday, July 7th. Evercore reiterated a “hold” rating on shares of Elevance Health in a research note on Tuesday, May 19th. Bank of America increased their price objective on shares of Elevance Health from $435.00 to $460.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Finally, 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. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $440.90.

Elevance Health Profile

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.