Wealthfront Advisers LLC Invests $8.60 Million in Elevance Health, Inc. $ELV

Wealthfront Advisers LLC bought a new stake in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 22,226 shares of the company’s stock, valued at approximately $8,596,000.

A number of other large investors also recently made changes to their positions in the company. WealthCollab LLC grew its position in Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after purchasing an additional 27 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Elevance Health during the 4th quarter worth approximately $31,000. J.Safra Asset Management Corp bought a new position in shares of Elevance Health during the 4th quarter worth approximately $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Elevance Health in the 4th quarter worth approximately $38,000. Finally, Main Street Group LTD purchased a new position in shares of Elevance Health in the 1st quarter worth approximately $39,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Trading Up 0.1%

NYSE:ELV opened at $398.53 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 current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm’s 50 day moving average is $394.87 and its 200 day moving average is $359.27. The stock has a market capitalization of $86.43 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data 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. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same period in the prior year, the company earned $8.84 earnings per share. Elevance Health’s revenue was up .8% compared to the same quarter last year. Sell-side analysts expect that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. 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 is currently 30.58%.

Wall Street Analyst Weigh In

ELV has been the subject of a number of research analyst reports. Wall Street Zen downgraded Elevance Health from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Guggenheim boosted their price objective on Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Raymond James Financial set a $450.00 price objective on Elevance Health in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft raised Elevance Health from a “hold” rating to a “buy” rating and raised their target price for the company from $363.00 to $498.00 in a research report on Wednesday, May 20th. Finally, Barclays lowered their target price on 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 investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $440.90.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the sale, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

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.