Elevance Health, Inc. (NYSE:ELV) Position Boosted by Asset Dedication LLC

Asset Dedication LLC raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 10.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,905 shares of the company’s stock after acquiring an additional 275 shares during the period. Asset Dedication LLC’s holdings in Elevance Health were worth $1,574,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Bank & Trust Co bought a new stake in shares of Elevance Health during the second quarter valued at about $27,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health during the 2nd quarter valued at about $28,000. Palisade Asset Management LLC bought a new stake in shares of Elevance Health during the 1st quarter worth about $28,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Elevance Health in the fourth quarter valued at approximately $28,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Elevance Health during the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health 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 of the company’s stock, valued at $4,647,610.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction 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 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 is accessible through the SEC website. Also, 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 of the company’s stock, valued at $4,647,610.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is owned by insiders.

Analyst Ratings Changes

ELV has been the subject of a number of research reports. Stephens reaffirmed an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a research note on Thursday. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Truist Financial upped their price target on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, July 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 price objective on shares of Elevance Health in a research note on Monday, August 19th. Finally, TD Cowen dropped their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. One equities research analyst has rated the stock with a hold rating, fourteen have given 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 an average target price of $604.29.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $541.91 on Friday. The stock has a market cap of $125.95 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 1.22 and a beta of 0.82. Elevance Health, Inc. has a 12 month low of $431.38 and a 12 month high of $567.26. 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 business has a fifty day simple moving average of $533.79 and a 200-day simple moving average of $526.61.

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

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) 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.