Equitable Trust Co. lifted its stake in Elevance Health, Inc. (NYSE:ELV – Free Report) by 23.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 7,943 shares of the company’s stock after acquiring an additional 1,491 shares during the quarter. Equitable Trust Co.’s holdings in Elevance Health were worth $3,090,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Private Wealth Management Group LLC increased its position in shares of Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock valued at $27,000 after buying an additional 38 shares in the last quarter. WPG Advisers LLC acquired a new position in Elevance Health during the 1st quarter worth approximately $29,000. North Capital Inc. acquired a new stake in Elevance Health during the 1st quarter valued at $36,000. Saudi Central Bank bought a new position in Elevance Health during the 1st quarter valued at $40,000. Finally, Berbice Capital Management LLC bought a new position in shares of Elevance Health in the 1st quarter worth about $43,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on ELV shares. Argus reiterated a “hold” rating on shares of Elevance Health in a report on Monday, July 21st. The Goldman Sachs Group set a $343.00 price target on shares of Elevance Health and gave the company a “neutral” rating in a report on Tuesday. Truist Financial dropped their target price on shares of Elevance Health from $500.00 to $440.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Guggenheim lifted their target price on Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Barclays lifted their target price on Elevance Health from $373.00 to $395.00 and gave the company an “overweight” rating in a research report on Thursday. Twelve analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $408.17.
Insider Transactions at Elevance Health
In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The stock was purchased at an average price of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gail Boudreaux acquired 8,500 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The shares were bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company’s stock.
Elevance Health Price Performance
ELV opened at $351.43 on Tuesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market cap 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, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $510.24. The firm has a 50-day moving average of $316.63 and a 200 day moving average of $357.61.
Elevance Health (NYSE:ELV – Get Free Report) last announced its quarterly earnings results 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). The firm had revenue of $49.42 billion during the quarter, compared to analysts’ expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the company posted $10.12 earnings per share. On average, research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.
Elevance Health Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were issued a $1.71 dividend. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 1.9%. Elevance Health’s payout ratio is 29.11%.
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.
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