Elevance Health, Inc. (NYSE:ELV) Stock Position Lowered by Foundations Investment Advisors LLC

Foundations Investment Advisors LLC reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 20.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 4,107 shares of the company’s stock after selling 1,069 shares during the period. Foundations Investment Advisors LLC’s holdings in Elevance Health were worth $1,786,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ELV. Accredited Wealth Management LLC purchased a new stake in Elevance Health in the 4th quarter worth about $25,000. Private Wealth Management Group LLC increased its holdings in shares of Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares during the period. Riverview Trust Co increased its holdings in shares of Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company’s stock valued at $31,000 after purchasing an additional 67 shares during the period. North Capital Inc. purchased a new stake in shares of Elevance Health in the first quarter worth approximately $36,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Elevance Health during the fourth quarter worth approximately $39,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Up 0.9%

Shares of Elevance Health stock opened at $288.61 on Wednesday. Elevance Health, Inc. has a 52-week low of $274.40 and a 52-week high of $567.26. The firm has a market capitalization of $64.99 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 1.05 and a beta of 0.60. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The company’s fifty day moving average price is $355.96 and its two-hundred day moving average price is $391.33.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. Elevance Health’s revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the firm posted $10.12 earnings per share. On average, analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.37%. Elevance Health’s dividend payout ratio (DPR) is presently 29.11%.

Insider Buying and Selling

In related news, CEO Gail Boudreaux acquired 8,500 shares of the company’s stock in a transaction on Friday, July 18th. The stock was purchased at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the purchase, the chief executive officer directly owned 151,020 shares of the company’s stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on ELV shares. Morgan Stanley dropped their price objective on shares of Elevance Health from $428.00 to $316.00 and set an “overweight” rating on the stock in a research note on Friday, July 18th. Guggenheim dropped their price target on shares of Elevance Health from $447.00 to $360.00 and set a “buy” rating on the stock in a research note on Friday, July 18th. Leerink Partners reissued a “market perform” rating and set a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Barclays lowered their target price on Elevance Health from $434.00 to $358.00 and set an “overweight” rating on the stock in a research note on Friday, July 18th. Finally, Wells Fargo & Company cut their price target on Elevance Health from $478.00 to $400.00 and set an “overweight” rating for the company in a research note on Tuesday, July 15th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health has an average rating of “Moderate Buy” and an average target price of $418.19.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.