Apollon Wealth Management LLC Increases Holdings in Elevance Health, Inc. $ELV

Apollon Wealth Management LLC increased its stake in Elevance Health, Inc. (NYSE:ELV) by 30.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 3,421 shares of the company’s stock after buying an additional 806 shares during the quarter. Apollon Wealth Management LLC’s holdings in Elevance Health were worth $1,330,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. CWA Asset Management Group LLC purchased a new position in shares of Elevance Health in the first quarter valued at $299,000. Dynamic Advisor Solutions LLC grew its position in shares of Elevance Health by 11.3% in the second quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company’s stock valued at $3,125,000 after purchasing an additional 817 shares in the last quarter. Focus Partners Wealth grew its position in shares of Elevance Health by 4.6% in the first quarter. Focus Partners Wealth now owns 22,446 shares of the company’s stock valued at $9,764,000 after purchasing an additional 982 shares in the last quarter. Asio Capital LLC grew its position in shares of Elevance Health by 7.1% in the second quarter. Asio Capital LLC now owns 15,371 shares of the company’s stock valued at $5,979,000 after purchasing an additional 1,015 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Elevance Health by 88.1% in the first quarter. GAMMA Investing LLC now owns 3,390 shares of the company’s stock valued at $1,475,000 after purchasing an additional 1,588 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux bought 8,500 shares of the stock in a transaction dated Friday, July 18th. The stock was bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the purchase, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Susan D. Devore bought 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The stock was bought at an average cost of $312.15 per share, with a total value of $374,580.00. Following the purchase, the director owned 3,502 shares in the company, valued at $1,093,149.30. The trade was a 52.13% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

ELV opened at $351.43 on Tuesday. The stock has a 50-day moving average price of $316.63 and a 200-day moving average price of $357.61. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $510.24. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $79.14 billion, a P/E ratio of 14.95, a PEG ratio of 1.29 and a beta of 0.59.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm had revenue of $49.42 billion during the quarter, compared to analysts’ expectations of $48.26 billion. During the same quarter in the previous year, the company posted $10.12 earnings per share. Elevance Health’s revenue for the quarter was up 14.3% compared to the same quarter last year. Equities analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Wednesday, September 10th. Elevance Health’s dividend payout ratio is presently 29.11%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Leerink Partners reiterated a “market perform” rating and issued a $310.00 price target (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Truist Financial reduced their target price on Elevance Health from $500.00 to $440.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Guggenheim boosted their target price on Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Morgan Stanley reduced their target price on Elevance Health from $428.00 to $316.00 and set an “overweight” rating for the company in a research report on Friday, July 18th. Finally, Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $412.00.

Elevance Health Company Profile

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.