Moran Wealth Management LLC Trims Stake in Elevance Health, Inc. (NYSE:ELV)

Moran Wealth Management LLC lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 4.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,026 shares of the company’s stock after selling 1,387 shares during the quarter. Moran Wealth Management LLC’s holdings in Elevance Health were worth $12,452,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in Elevance Health in the second quarter worth about $222,000. Oxford Financial Group Ltd. purchased a new stake in Elevance Health in the second quarter worth about $335,000. Commonwealth Equity Services LLC grew its holdings in Elevance Health by 4.0% in the second quarter. Commonwealth Equity Services LLC now owns 53,011 shares of the company’s stock worth $23,553,000 after purchasing an additional 2,042 shares during the period. Legacy Capital Group California Inc. lifted its stake in shares of Elevance Health by 3.1% in the second quarter. Legacy Capital Group California Inc. now owns 839 shares of the company’s stock worth $373,000 after buying an additional 25 shares in the last quarter. Finally, Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Elevance Health in the second quarter worth approximately $969,000. Hedge funds and other institutional investors own 87.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ELV. Cantor Fitzgerald reiterated an “overweight” rating and issued a $547.00 target price on shares of Elevance Health in a research note on Thursday, October 19th. StockNews.com began coverage on shares of Elevance Health in a research note on Thursday, October 5th. They issued a “strong-buy” rating on the stock. Morgan Stanley upped their target price on shares of Elevance Health from $585.00 to $587.00 and gave the stock an “overweight” rating in a research note on Thursday, October 19th. TD Cowen upped their target price on shares of Elevance Health from $564.00 to $585.00 and gave the stock an “outperform” rating in a research note on Monday, July 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Elevance Health from $569.00 to $552.00 and set an “overweight” rating on the stock in a research note on Friday. Two analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $565.82.

Insiders Place Their Bets

In other Elevance Health news, CAO Ronald W. Penczek sold 64 shares of the stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $454.35, for a total value of $29,078.40. Following the transaction, the chief accounting officer now directly owns 2,842 shares in the company, valued at $1,291,262.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Elevance Health stock traded down $0.66 during midday trading on Friday, reaching $462.95. 983,408 shares of the company traded hands, compared to its average volume of 1,174,316. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.41 and a quick ratio of 1.41. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $544.01. The firm has a market capitalization of $108.77 billion, a price-to-earnings ratio of 18.18, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. The business has a 50 day moving average of $450.86 and a two-hundred day moving average of $453.64.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, October 18th. The company reported $8.99 earnings per share for the quarter, topping the consensus estimate of $8.45 by $0.54. Elevance Health had a net margin of 3.61% and a return on equity of 20.71%. The business had revenue of $42.48 billion for the quarter, compared to the consensus estimate of $42.69 billion. During the same period last year, the firm earned $7.53 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, research analysts predict that Elevance Health, Inc. will post 33.07 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Wednesday, December 6th will be given a $1.48 dividend. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $5.92 annualized dividend and a yield of 1.28%. Elevance Health’s payout ratio is presently 23.24%.

About Elevance Health

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.