Palouse Capital Management Inc. Has $2.03 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Palouse Capital Management Inc. boosted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 14.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,671 shares of the company’s stock after buying an additional 601 shares during the period. Palouse Capital Management Inc.’s holdings in Elevance Health were worth $2,032,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC boosted its stake in shares of Elevance Health by 82.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company’s stock worth $276,073,000 after acquiring an additional 326,543 shares in the last quarter. VELA Investment Management LLC raised its holdings in shares of Elevance Health by 101.6% in the 4th quarter. VELA Investment Management LLC now owns 2,074 shares of the company’s stock worth $765,000 after buying an additional 1,045 shares in the last quarter. Banque Pictet & Cie SA increased its holdings in Elevance Health by 44.7% during the 4th quarter. Banque Pictet & Cie SA now owns 26,168 shares of the company’s stock valued at $9,653,000 after purchasing an additional 8,081 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its holdings in Elevance Health by 2.5% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 93,000 shares of the company’s stock valued at $34,308,000 after purchasing an additional 2,300 shares in the last quarter. Finally, Allworth Financial LP increased its stake in shares of Elevance Health by 103.9% in the 4th quarter. Allworth Financial LP now owns 2,688 shares of the company’s stock valued at $1,050,000 after buying an additional 1,370 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Trading Down 0.4%

Shares of ELV stock opened at $384.49 on Friday. The stock’s fifty day moving average price is $404.71 and its two-hundred day moving average price is $400.19. The company has a market cap of $86.87 billion, a PE ratio of 15.01, a P/E/G ratio of 1.18 and a beta of 0.60. Elevance Health, Inc. has a fifty-two week low of $357.45 and a fifty-two 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 issued its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts’ consensus estimates of $10.60 by $1.37. The firm had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. Equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be issued a $1.71 dividend. 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 dividend payout ratio is presently 26.69%.

Insider Buying and Selling at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now owns 18,977 shares of the company’s stock, valued at $8,061,809.14. This trade represents a 19.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ELV shares. Argus set a $465.00 price target on Elevance Health in a research report on Friday, April 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Guggenheim reaffirmed a “buy” rating and issued a $518.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Robert W. Baird reaffirmed a “neutral” rating and issued a $529.00 target price (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $478.00 price target on shares of Elevance Health in a research report on Wednesday, June 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $498.87.

Elevance Health 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.