Elevance Health Inc. (NYSE:ELV) Shares Purchased by Advisory Services Network LLC

Advisory Services Network LLC lifted its stake in Elevance Health Inc. (NYSE:ELVGet Rating) by 11.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,810 shares of the company’s stock after purchasing an additional 481 shares during the quarter. Advisory Services Network LLC’s holdings in Elevance Health were worth $2,362,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ELV. Arrow Financial Corp purchased a new position in Elevance Health in the first quarter worth approximately $25,000. Clean Yield Group purchased a new position in Elevance Health in the first quarter worth approximately $34,000. Motco grew its position in Elevance Health by 118.8% in the first quarter. Motco now owns 70 shares of the company’s stock worth $34,000 after acquiring an additional 38 shares during the period. JFS Wealth Advisors LLC grew its position in Elevance Health by 63.8% in the first quarter. JFS Wealth Advisors LLC now owns 77 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares during the period. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. grew its position in Elevance Health by 100.0% in the first quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 80 shares of the company’s stock worth $39,000 after acquiring an additional 40 shares during the period. Institutional investors and hedge funds own 89.86% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ELV shares. Loop Capital initiated coverage on Elevance Health in a research report on Thursday, June 16th. They issued a “buy” rating and a $550.00 price objective for the company. Morgan Stanley lowered their target price on Elevance Health from $533.00 to $485.00 and set an “equal weight” rating for the company in a report on Monday, July 25th. Wells Fargo & Company cut their price target on shares of Elevance Health from $586.00 to $580.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 25th. Cowen cut their price target on shares of Elevance Health to $577.00 in a research note on Friday, July 22nd. Finally, StockNews.com started coverage on shares of Elevance Health in a research note on Thursday, July 7th. They set a “strong-buy” rating on the stock. Two analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $563.38.

Elevance Health Stock Performance

Shares of ELV opened at $480.23 on Friday. The stock has a 50 day moving average price of $481.97 and a 200 day moving average price of $486.22. The company has a quick ratio of 1.36, a current ratio of 1.37 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $115.26 billion, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 1.41 and a beta of 0.89. Elevance Health Inc. has a 52-week low of $363.37 and a 52-week high of $533.68.

Elevance Health (NYSE:ELVGet Rating) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $8.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.72 by $0.32. The firm had revenue of $38.48 billion during the quarter, compared to the consensus estimate of $38.05 billion. Elevance Health had a return on equity of 19.20% and a net margin of 4.09%. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company posted $7.03 earnings per share. Research analysts predict that Elevance Health Inc. will post 28.82 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 9th will be issued a $1.28 dividend. This represents a $5.12 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, September 8th. Elevance Health’s payout ratio is currently 20.53%.

Elevance Health Company Profile

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Elevance Health Inc operates as a health benefits company. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives. It serves approximately 118 million people through a portfolio of medical, digital, pharmacy, behavioral, clinical, and care solutions.

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Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

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