Centric Wealth Management Takes Position in Elevance Health, Inc. $ELV

Centric Wealth Management acquired a new position in Elevance Health, Inc. (NYSE:ELV) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 1,400 shares of the company’s stock, valued at approximately $521,000.

Several other institutional investors have also recently made changes to their positions in the business. Focus Partners Advisor Solutions LLC bought a new stake in Elevance Health during the 2nd quarter valued at approximately $532,000. State of Wyoming purchased a new position in Elevance Health in the 2nd quarter worth approximately $1,765,000. GSA Capital Partners LLP bought a new position in Elevance Health in the 2nd quarter worth approximately $3,495,000. Stoneridge Investment Partners LLC purchased a new stake in Elevance Health during the 2nd quarter valued at approximately $970,000. Finally, Family Legacy Inc. purchased a new stake in Elevance Health during the 2nd quarter valued at approximately $2,875,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Up 0.6%

Shares of ELV opened at $400.63 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The stock has a market capitalization of $86.88 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 2.30 and a beta of 0.68. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. The business’s 50 day simple moving average is $396.05 and its 200-day simple moving average is $358.15.

Elevance Health (NYSE:ELV) last posted its earnings results 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. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The firm had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same period last year, the firm posted $8.84 earnings per share. Elevance Health’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities analysts expect that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 30.58%.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the business’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 sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. The trade was 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 insiders.

Analysts Set New Price Targets

ELV has been the topic of several research analyst reports. Robert W. Baird boosted their target price on shares of Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Weiss Ratings raised shares of Elevance Health from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 18th. JPMorgan Chase & Co. lifted their price target on shares of Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a report on Monday, June 8th. Mizuho boosted their price target on shares of Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Finally, Jefferies Financial Group dropped their price objective on shares of Elevance Health from $395.00 to $391.00 and set a “buy” rating for the company in a report on Monday, April 20th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and a consensus price target of $440.90.

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.