Ferguson Wellman Capital Management Inc. Takes $202,000 Position in Elevance Health, Inc. (NYSE:ELV)

Ferguson Wellman Capital Management Inc. acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 389 shares of the company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds have also made changes to their positions in ELV. Paralel Advisors LLC boosted its holdings in shares of Elevance Health by 1.1% in the third quarter. Paralel Advisors LLC now owns 4,160 shares of the company’s stock valued at $1,811,000 after acquiring an additional 47 shares in the last quarter. Glenview Trust co lifted its stake in Elevance Health by 12.4% during the third quarter. Glenview Trust co now owns 1,340 shares of the company’s stock valued at $583,000 after purchasing an additional 148 shares during the last quarter. Provence Wealth Management Group lifted its stake in Elevance Health by 21.8% during the third quarter. Provence Wealth Management Group now owns 699 shares of the company’s stock valued at $304,000 after purchasing an additional 125 shares during the last quarter. Dark Forest Capital Management LP lifted its stake in Elevance Health by 114.9% during the third quarter. Dark Forest Capital Management LP now owns 3,945 shares of the company’s stock valued at $1,718,000 after purchasing an additional 2,109 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its stake in Elevance Health by 7.3% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,469 shares of the company’s stock valued at $640,000 after purchasing an additional 100 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of ELV opened at $534.79 on Friday. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $550.34. The company’s fifty day moving average is $531.30 and its 200-day moving average is $506.24. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm has a market cap of $124.30 billion, a price-to-earnings ratio of 20.21, a price-to-earnings-growth ratio of 1.17 and a beta of 0.83.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same period last year, the business posted $9.46 EPS. Elevance Health’s revenue was up .9% compared to the same quarter last year. Equities analysts expect that Elevance Health, Inc. will post 37.2 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be paid a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. Elevance Health’s payout ratio is presently 24.64%.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the sale, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.35% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on ELV shares. Mizuho increased their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Robert W. Baird initiated coverage on shares of Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 target price for the company. Stephens restated an “overweight” rating and issued a $615.00 price target on shares of Elevance Health in a research report on Tuesday, June 11th. Truist Financial restated a “buy” rating and issued a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Finally, Wells Fargo & Company upped their price target on shares of Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Elevance Health has a consensus rating of “Buy” and an average target price of $607.36.

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.