Sanders Morris Harris LLC Makes New Investment in Elevance Health, Inc. $ELV

Sanders Morris Harris LLC acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,900 shares of the company’s stock, valued at approximately $614,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ELV. WPG Advisers LLC bought a new position in shares of Elevance Health in the first quarter valued at approximately $29,000. Vermillion & White Wealth Management Group LLC boosted its holdings in Elevance Health by 94.9% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company’s stock valued at $30,000 after acquiring an additional 37 shares during the period. BOK Financial Private Wealth Inc. acquired a new stake in shares of Elevance Health in the second quarter valued at about $32,000. Saudi Central Bank bought a new position in shares of Elevance Health in the first quarter worth about $40,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in shares of Elevance Health by 400.0% during the 2nd quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after purchasing an additional 80 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Trading Down 1.8%

Shares of ELV opened at $345.71 on Thursday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. The stock has a market cap of $76.83 billion, a PE ratio of 14.13, a PEG ratio of 1.63 and a beta of 0.52. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $458.75. The stock has a 50 day simple moving average of $335.08 and a 200-day simple moving average of $331.47.

Elevance Health (NYSE:ELV) last posted its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The business had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. During the same quarter in the prior year, the firm earned $8.37 EPS. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. On average, sell-side analysts predict 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 will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s payout ratio is presently 27.96%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Elevance Health in a research report on Monday. 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 research report on Wednesday. Cowen restated a “buy” rating on shares of Elevance Health in a research report on Wednesday, November 26th. Barclays reduced their target price on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. Finally, Bank of America boosted their price target on Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Twelve investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $400.44.

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.