Oxford Wealth Group LLC Makes New Investment in Elevance Health, Inc. (NYSE:ELV)

Oxford Wealth Group LLC bought a new position in Elevance Health, Inc. (NYSE:ELV) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 2,605 shares of the company’s stock, valued at approximately $1,351,000. Elevance Health accounts for 1.2% of Oxford Wealth Group LLC’s investment portfolio, making the stock its 22nd largest holding.

Other hedge funds also recently bought and sold shares of the company. Palisade Asset Management LLC bought a new position in Elevance Health in the first quarter valued at $28,000. Pin Oak Investment Advisors Inc. acquired a new stake in Elevance Health in the fourth quarter valued at $28,000. Register Financial Advisors LLC acquired a new stake in Elevance Health in the first quarter valued at $32,000. Alaska Permanent Fund Corp acquired a new stake in Elevance Health in the fourth quarter valued at $31,000. Finally, Beaird Harris Wealth Management LLC acquired a new stake in shares of Elevance Health during the 4th quarter worth about $32,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

NYSE ELV traded up $6.40 during trading hours on Tuesday, reaching $536.26. 1,018,221 shares of the company were exchanged, compared to its average volume of 1,065,098. Elevance Health, Inc. has a 1 year low of $431.38 and a 1 year high of $555.35. The business’s 50 day simple moving average is $529.79 and its 200-day simple moving average is $517.08. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $124.35 billion, a P/E ratio of 20.27, a P/E/G ratio of 1.17 and a beta of 0.84.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. The business had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company posted $9.04 earnings per share. On average, equities research analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

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

Insider Transactions at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction that occurred on 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 $4,926,213.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction that occurred on 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 $4,926,213.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s 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 completion of the transaction, 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. Corporate insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

ELV has been the subject of a number of research reports. Wells Fargo & Company cut their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Jefferies Financial Group raised their target price on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Morgan Stanley initiated 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 for the company. Truist Financial raised their target price 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. Finally, 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. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price 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.