Custom Index Systems LLC Purchases 878 Shares of Elevance Health, Inc. (NYSE:ELV)

Custom Index Systems LLC boosted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 195.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,328 shares of the company’s stock after buying an additional 878 shares during the period. Custom Index Systems LLC’s holdings in Elevance Health were worth $720,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank & Trust Co purchased a new stake in shares of Elevance Health in the 2nd quarter valued at about $27,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Elevance Health in the fourth quarter worth approximately $28,000. Palisade Asset Management LLC purchased a new stake in Elevance Health in the first quarter valued at approximately $28,000. Opal Wealth Advisors LLC purchased a new stake in Elevance Health in the second quarter valued at approximately $28,000. Finally, Strategic Financial Concepts LLC bought a new stake in Elevance Health during the second quarter valued at approximately $30,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the transaction, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value 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 document filed with the SEC, which is accessible through this hyperlink. Also, 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 completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. 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 topic of a number of research analyst reports. Wells Fargo & Company decreased their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Barclays reduced their target price on Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a research note on Thursday, July 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 price target on shares of Elevance Health in a research note on Monday, August 19th. Royal Bank of Canada upped their price objective on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Finally, Morgan Stanley assumed coverage on Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective on the stock. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $604.29.

Elevance Health Price Performance

ELV opened at $541.91 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. Elevance Health, Inc. has a 1 year low of $431.38 and a 1 year high of $567.26. The stock’s 50 day simple moving average is $533.79 and its 200 day simple moving average is $526.61. The firm has a market cap of $125.95 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 1.22 and a beta of 0.82.

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

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

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.