Sara Bay Financial Acquires Shares of 1,452 Elevance Health, Inc. (NYSE:ELV)

Sara Bay Financial bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,452 shares of the company’s stock, valued at approximately $755,000.

Other institutional investors have also recently modified their holdings of the company. Bank & Trust Co purchased a new position in Elevance Health during the second quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health in the 2nd quarter valued at about $28,000. Palisade Asset Management LLC acquired a new stake in Elevance Health in the 1st quarter worth about $28,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Elevance Health during the fourth quarter worth approximately $28,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Elevance Health in the first quarter valued at about $32,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Elevance Health stock traded down $0.08 on Monday, reaching $491.99. 1,783,905 shares of the stock were exchanged, compared to its average volume of 1,022,119. Elevance Health, Inc. has a twelve month low of $435.99 and a twelve month high of $567.26. 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 stock has a market cap of $114.35 billion, a PE ratio of 18.59, a PEG ratio of 1.17 and a beta of 0.82. The firm has a fifty day moving average price of $535.87 and a two-hundred day moving average price of $529.91.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. During the same quarter in the previous year, the company posted $9.04 EPS. The business’s revenue for the quarter was down .4% compared to the same quarter last year. Sell-side analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.33%. Elevance Health’s payout ratio is 24.64%.

Insider Buying and Selling

In related news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the transaction, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction that occurred on Friday, July 19th. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,058 shares of company stock worth $17,588,116. Company insiders own 0.35% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the topic of a number of analyst reports. Morgan Stanley assumed coverage on shares of Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 target price on the stock. Truist Financial lifted their price target on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $600.00 price target on shares of Elevance Health in a research note on Tuesday, October 1st. Bank of America reiterated a “neutral” rating and set a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Finally, Royal Bank of Canada boosted their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $604.29.

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.