Palouse Capital Management Inc. Acquires 1,477 Shares of Elevance Health, Inc. $ELV

Palouse Capital Management Inc. boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 32.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,092 shares of the company’s stock after purchasing an additional 1,477 shares during the quarter. Palouse Capital Management Inc.’s holdings in Elevance Health were worth $1,968,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Elevance Health in the 1st quarter valued at $303,000. Arete Wealth Advisors LLC lifted its stake in shares of Elevance Health by 40.7% in the 1st quarter. Arete Wealth Advisors LLC now owns 1,162 shares of the company’s stock valued at $505,000 after purchasing an additional 336 shares during the period. SCS Capital Management LLC bought a new stake in shares of Elevance Health in the 1st quarter valued at about $347,000. SageView Advisory Group LLC grew its stake in Elevance Health by 7.3% in the first quarter. SageView Advisory Group LLC now owns 718 shares of the company’s stock valued at $312,000 after acquiring an additional 49 shares during the period. Finally, Glenview Trust co increased its holdings in shares of Elevance Health by 10.2% in the first quarter. Glenview Trust co now owns 1,144 shares of the company’s stock worth $498,000 after acquiring an additional 106 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analysts Set New Price Targets

ELV has been the topic of several recent analyst reports. Robert W. Baird lifted their price objective on Elevance Health from $297.00 to $340.00 and gave the company a “neutral” rating in a report on Thursday, December 11th. TD Cowen boosted their price target on Elevance Health from $380.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, November 26th. Truist Financial set a $400.00 target price on shares of Elevance Health in a research report on Tuesday, October 14th. Wells Fargo & Company increased their price objective on Elevance Health from $403.00 to $424.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Morgan Stanley dropped their target price on shares of Elevance Health from $359.00 to $352.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 17th. Thirteen research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $400.20.

Elevance Health Stock Performance

NYSE:ELV opened at $374.85 on Friday. The company has a market cap of $83.31 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 1.89 and a beta of 0.51. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75. The stock has a fifty day moving average price of $337.08 and a 200-day moving average price of $328.63.

Elevance Health (NYSE:ELV) last issued its earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.03 by $1.00. The company had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the previous year, the company earned $8.37 EPS. As a group, equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, December 5th. Elevance Health’s payout ratio is currently 27.96%.

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.