EverSource Wealth Advisors LLC Raises Stock Position in Elevance Health, Inc. (NYSE:ELV)

EverSource Wealth Advisors LLC grew its stake in Elevance Health, Inc. (NYSE:ELV) by 44.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,431 shares of the company’s stock after purchasing an additional 438 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Elevance Health were worth $762,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank & Trust Co bought a new position in Elevance Health in the second quarter worth about $27,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Elevance Health in the 4th quarter worth approximately $28,000. Palisade Asset Management LLC purchased a new position in shares of Elevance Health in the 1st quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health during the second quarter valued at approximately $28,000. Finally, Strategic Financial Concepts LLC purchased a new stake in Elevance Health in the second quarter worth $30,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Down 1.1 %

Elevance Health stock opened at $533.73 on Tuesday. Elevance Health, Inc. has a 12 month low of $431.38 and a 12 month high of $567.26. The stock has a fifty day simple moving average of $536.25 and a two-hundred day simple moving average of $529.70. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm has a market cap of $124.05 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. During the same period last year, the company earned $9.04 EPS. Elevance Health’s revenue for the quarter was down .4% on a year-over-year basis. Equities analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.22%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Barclays lowered their price objective on Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research report on Thursday, July 18th. Stephens reissued an “overweight” rating and set a $615.00 price objective on shares of Elevance Health in a research note on Thursday, September 5th. TD Cowen decreased their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research note on Friday, July 19th. Robert W. Baird assumed coverage on shares of Elevance Health in a report on Thursday, May 30th. They set an “outperform” rating and a $649.00 target price for the company. Finally, Baird R W upgraded Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Elevance Health presently has a consensus rating of “Buy” and a consensus target price of $604.29.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,058 shares of company stock valued at $17,588,116. Company insiders own 0.35% of the company’s stock.

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.