NewEdge Advisors LLC Acquires 2,492 Shares of Elevance Health, Inc. (NYSE:ELV)

NewEdge Advisors LLC lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 21.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 14,364 shares of the company’s stock after purchasing an additional 2,492 shares during the period. NewEdge Advisors LLC’s holdings in Elevance Health were worth $7,783,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC grew its stake in shares of Elevance Health by 114.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after buying an additional 16,737 shares during the last quarter. Brave Warrior Advisors LLC grew its position in Elevance Health by 7.9% during the 4th quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock worth $828,367,000 after acquiring an additional 129,055 shares during the last quarter. New Mexico Educational Retirement Board increased its stake in Elevance Health by 14.6% in the 1st quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock worth $6,949,000 after purchasing an additional 1,800 shares during the period. Blair William & Co. IL lifted its position in Elevance Health by 119.7% in the first quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after purchasing an additional 6,610 shares during the last quarter. Finally, Artemis Investment Management LLP boosted its stake in shares of Elevance Health by 16.1% during the first quarter. Artemis Investment Management LLP now owns 83,757 shares of the company’s stock valued at $43,422,000 after purchasing an additional 11,627 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the sale, the chief executive officer now owns 126,709 shares in the company, valued at $63,478,674.82. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,058 shares of company stock valued at $17,588,116. Insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

ELV has been the subject of a number of recent analyst reports. Bank of America reiterated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. 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 price objective for the company. Stephens reissued an “overweight” rating and issued a $615.00 target price on shares of Elevance Health in a research note on Thursday, September 5th. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Finally, Royal Bank of Canada upped their target price on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a report 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 company. According to data from MarketBeat, Elevance Health has an average rating of “Buy” and a consensus price target of $604.29.

Elevance Health Price Performance

Shares of ELV opened at $520.00 on Tuesday. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $567.26. The firm’s 50-day simple moving average is $536.87 and its two-hundred day simple moving average is $530.24. The stock has a market cap of $120.86 billion, a PE ratio of 19.65, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share 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 for the quarter, compared to the consensus estimate of $42.99 billion. During the same quarter in the prior year, the business posted $9.04 EPS. The firm’s quarterly revenue was down .4% compared to the same quarter last year. Analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th were paid a dividend of $1.63 per share. The ex-dividend date was Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.25%. Elevance Health’s dividend payout ratio is currently 24.64%.

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.