Elevance Health, Inc. $ELV Stake Raised by Western Wealth Management LLC

Western Wealth Management LLC boosted its stake in Elevance Health, Inc. (NYSE:ELV) by 205.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,738 shares of the company’s stock after buying an additional 2,516 shares during the period. Western Wealth Management LLC’s holdings in Elevance Health were worth $1,094,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. WealthCollab LLC lifted its position in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after purchasing an additional 27 shares during the period. Kemnay Advisory Services Inc. bought a new position in Elevance Health during the fourth quarter valued at about $31,000. J.Safra Asset Management Corp acquired a new position in Elevance Health during the fourth quarter worth about $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in Elevance Health in the fourth quarter worth about $38,000. Finally, Main Street Group LTD acquired a new stake in Elevance Health in the 1st quarter valued at about $39,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the 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 sale, 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 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 company insiders.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $397.77 on Thursday. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The stock has a market cap of $86.26 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 2.24 and a beta of 0.68. The business has a fifty day simple moving average of $396.58 and a 200-day simple moving average of $357.65.

Elevance Health (NYSE:ELV) last posted 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 for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.Elevance Health’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 earnings per share. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ELV. Guggenheim lifted their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Raymond James Financial set a $450.00 price target on shares of Elevance Health in a research report on Tuesday, July 7th. Morgan Stanley upped their price target on Elevance Health from $352.00 to $404.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Barclays cut their price objective on Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a research report on Thursday, July 16th. Finally, Leerink Partners raised their price objective on Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus 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.