Pacific Capital Partners Ltd Purchases New Position in Elevance Health, Inc. (NYSE:ELV)

Pacific Capital Partners Ltd purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 12,500 shares of the company’s stock, valued at approximately $5,437,000. Elevance Health makes up about 3.4% of Pacific Capital Partners Ltd’s portfolio, making the stock its 13th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Milestone Asset Management LLC increased its position in shares of Elevance Health by 2.2% during the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company’s stock valued at $488,000 after acquiring an additional 24 shares in the last quarter. GLOBALT Investments LLC GA grew its position in Elevance Health by 0.4% in the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company’s stock worth $2,743,000 after purchasing an additional 24 shares during the period. Elser Financial Planning Inc grew its position in Elevance Health by 3.0% in the 1st quarter. Elser Financial Planning Inc now owns 882 shares of the company’s stock worth $384,000 after purchasing an additional 26 shares during the period. Checchi Capital Advisers LLC grew its position in Elevance Health by 1.0% in the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company’s stock worth $1,190,000 after purchasing an additional 27 shares during the period. Finally, Prudent Man Advisors LLC grew its position in Elevance Health by 2.3% in the 1st quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company’s stock worth $547,000 after purchasing an additional 28 shares during the period. Institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

ELV has been the subject of a number of research analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $478.00 target price on shares of Elevance Health in a research report on Wednesday, June 4th. Robert W. Baird cut their target price on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a research report on Friday, July 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Baird R W cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Finally, Leerink Partnrs lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 17th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $418.19.

Insider Buying and Selling

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

Elevance Health Stock Up 0.9%

ELV opened at $288.61 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health, Inc. has a fifty-two week low of $274.40 and a fifty-two week high of $567.26. The firm’s fifty day moving average is $355.96 and its 200 day moving average is $391.33. The stock has a market cap of $64.99 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.05 and a beta of 0.60.

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

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.37%. The ex-dividend date is Wednesday, September 10th. Elevance Health’s payout ratio is currently 29.11%.

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.