Miracle Mile Advisors LLC Grows Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Miracle Mile Advisors LLC increased its stake in Elevance Health, Inc. (NYSE:ELV) by 9.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,306 shares of the company’s stock after buying an additional 112 shares during the period. Miracle Mile Advisors LLC’s holdings in Elevance Health were worth $568,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ELV. Norges Bank purchased a new position in Elevance Health during the fourth quarter valued at $1,135,014,000. Wellington Management Group LLP raised its position in shares of Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock worth $2,344,556,000 after purchasing an additional 1,893,947 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Elevance Health by 81,726.5% in the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company’s stock worth $641,355,000 after purchasing an additional 1,472,712 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in Elevance Health by 47.6% in the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock worth $1,189,828,000 after purchasing an additional 1,039,612 shares in the last quarter. Finally, Orion Portfolio Solutions LLC grew its position in Elevance Health by 6,817.8% during the 4th quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company’s stock valued at $335,254,000 after purchasing an additional 895,658 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the business’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the transaction, the chief financial officer now directly owns 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ELV has been the subject of several recent analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $518.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Truist Financial set a $500.00 price objective on shares of Elevance Health and gave the stock a “buy” rating in a report on Monday. Barclays lowered their price objective on Elevance Health from $522.00 to $480.00 and set an “overweight” rating on the stock in a research report on Monday, June 2nd. Wall Street Zen raised Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Elevance Health in a report on Friday, March 28th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $498.87.

Elevance Health Trading Down 1.4%

Shares of NYSE:ELV opened at $383.97 on Wednesday. The stock’s 50-day simple moving average is $407.33 and its two-hundred day simple moving average is $400.59. The stock has a market capitalization of $86.75 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 1.18 and a beta of 0.60. Elevance Health, Inc. has a 52-week low of $357.45 and a 52-week high of $567.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The company had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. Analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Tuesday, June 10th. Elevance Health’s payout ratio is 26.69%.

About Elevance Health

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.