Premier Path Wealth Partners LLC Reduces Holdings in Elevance Health, Inc. $ELV

Premier Path Wealth Partners LLC trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 14.6% in the second quarter, HoldingsChannel reports. The firm owned 748 shares of the company’s stock after selling 128 shares during the period. Premier Path Wealth Partners LLC’s holdings in Elevance Health were worth $291,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Verdence Capital Advisors LLC grew its stake in Elevance Health by 3.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company’s stock worth $8,251,000 after acquiring an additional 790 shares during the period. Dynamic Advisor Solutions LLC grew its stake in Elevance Health by 11.3% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company’s stock worth $3,125,000 after acquiring an additional 817 shares during the period. World Investment Advisors grew its stake in Elevance Health by 17.0% in the 2nd quarter. World Investment Advisors now owns 27,434 shares of the company’s stock worth $10,671,000 after acquiring an additional 3,988 shares during the period. Focus Partners Wealth grew its stake in Elevance Health by 4.6% in the 1st quarter. Focus Partners Wealth now owns 22,446 shares of the company’s stock worth $9,764,000 after acquiring an additional 982 shares during the period. Finally, Asio Capital LLC grew its stake in Elevance Health by 7.1% in the 2nd quarter. Asio Capital LLC now owns 15,371 shares of the company’s stock worth $5,979,000 after acquiring an additional 1,015 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Down 1.5%

Shares of Elevance Health stock opened at $317.05 on Friday. The company has a fifty day moving average price of $329.07 and a 200 day moving average price of $349.16. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $458.75. The stock has a market cap of $70.46 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 1.23 and a beta of 0.59.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The firm had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same period in the prior year, the company earned $8.37 EPS. The firm’s revenue was up 12.0% on a year-over-year basis. Equities research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio is 27.96%.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ELV. Sanford C. Bernstein lowered their target price on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating for the company in a research note on Thursday, October 16th. Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Argus reiterated a “hold” rating on shares of Elevance Health in a report on Monday, July 21st. The Goldman Sachs Group started coverage on shares of Elevance Health in a report on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 price target on the stock. Finally, Mizuho lifted their price target on shares of Elevance Health from $342.00 to $420.00 and gave the company an “outperform” rating in a report on Thursday, October 9th. Twelve investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $398.44.

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.