Elevance Health, Inc. (NYSE:ELV) is Professional Advisory Services Inc.’s 7th Largest Position

Professional Advisory Services Inc. increased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 5.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 54,187 shares of the company’s stock after purchasing an additional 3,016 shares during the period. Elevance Health makes up approximately 3.7% of Professional Advisory Services Inc.’s investment portfolio, making the stock its 7th largest position. Professional Advisory Services Inc.’s holdings in Elevance Health were worth $24,075,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Lederer & Associates Investment Counsel CA boosted its position in Elevance Health by 7.5% in the 1st quarter. Lederer & Associates Investment Counsel CA now owns 4,410 shares of the company’s stock valued at $2,028,000 after buying an additional 306 shares during the period. Border to Coast Pensions Partnership Ltd boosted its position in Elevance Health by 20.2% in the 1st quarter. Border to Coast Pensions Partnership Ltd now owns 57,428 shares of the company’s stock valued at $26,406,000 after buying an additional 9,653 shares during the period. Adviser Investments LLC boosted its position in Elevance Health by 3.2% in the 1st quarter. Adviser Investments LLC now owns 32,356 shares of the company’s stock valued at $14,877,000 after buying an additional 993 shares during the period. Shelton Capital Management purchased a new position in Elevance Health in the 4th quarter valued at approximately $781,000. Finally, Vinva Investment Management Ltd purchased a new position in Elevance Health in the 1st quarter valued at approximately $3,755,000. Hedge funds and other institutional investors own 87.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ELV shares. JPMorgan Chase & Co. reduced their price objective on shares of Elevance Health from $572.00 to $535.00 in a report on Friday, July 7th. Morgan Stanley raised their price objective on shares of Elevance Health from $571.00 to $585.00 and gave the company an “overweight” rating in a report on Tuesday, July 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $547.00 price objective on shares of Elevance Health in a report on Thursday. TD Cowen raised their price objective on shares of Elevance Health from $564.00 to $585.00 and gave the company an “outperform” rating in a report on Monday, July 24th. Finally, StockNews.com initiated coverage on shares of Elevance Health in a report on Thursday, August 17th. They issued a “strong-buy” rating on the stock. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $568.46.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 310 shares of Elevance Health stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $476.71, for a total value of $147,780.10. Following the sale, the director now owns 9,638 shares of the company’s stock, valued at $4,594,530.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV traded down $2.44 during trading on Friday, reaching $441.92. The company’s stock had a trading volume of 1,581,569 shares, compared to its average volume of 1,196,383. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market cap of $104.14 billion, a price-to-earnings ratio of 16.55, a P/E/G ratio of 1.11 and a beta of 0.83. Elevance Health, Inc. has a twelve month low of $412.00 and a twelve month high of $549.52. The business’s fifty day moving average price is $455.88 and its 200-day moving average price is $459.19.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 19th. The company reported $9.04 earnings per share for the quarter, beating the consensus estimate of $8.78 by $0.26. The business had revenue of $43.38 billion for the quarter, compared to the consensus estimate of $41.64 billion. Elevance Health had a net margin of 3.87% and a return on equity of 20.24%. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.04 earnings per share. As a group, analysts anticipate that Elevance Health, Inc. will post 32.91 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 8th will be issued a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Thursday, September 7th. Elevance Health’s payout ratio is 22.17%.

Elevance Health Company Profile

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.