Savvy Advisors Inc. Purchases New Shares in Elevance Health, Inc. (NYSE:ELV)

Savvy Advisors Inc. acquired a new position in Elevance Health, Inc. (NYSE:ELV) in the 3rd quarter, Holdings Channel reports. The firm acquired 741 shares of the company’s stock, valued at approximately $385,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Catalytic Wealth RIA LLC bought a new stake in Elevance Health during the 1st quarter valued at approximately $291,000. Avantax Advisory Services Inc. lifted its position in Elevance Health by 1.8% during the first quarter. Avantax Advisory Services Inc. now owns 5,663 shares of the company’s stock valued at $2,936,000 after buying an additional 101 shares during the period. Cozad Asset Management Inc. grew its position in shares of Elevance Health by 12.1% in the 1st quarter. Cozad Asset Management Inc. now owns 844 shares of the company’s stock worth $438,000 after buying an additional 91 shares during the period. Angeles Wealth Management LLC bought a new position in shares of Elevance Health in the 1st quarter worth about $355,000. Finally, Kingsview Wealth Management LLC lifted its position in Elevance Health by 5.0% during the 1st quarter. Kingsview Wealth Management LLC now owns 16,247 shares of the company’s stock valued at $8,425,000 after acquiring an additional 771 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

Shares of ELV opened at $412.91 on Wednesday. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26. The business has a fifty day moving average of $486.59 and a 200 day moving average of $516.91. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The firm has a market capitalization of $95.76 billion, a P/E ratio of 15.05, a PEG ratio of 1.26 and a beta of 0.85.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). The business had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $8.99 EPS. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.58%. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.35% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on ELV. Cantor Fitzgerald decreased their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Mizuho reduced their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Bank of America reiterated a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Truist Financial restated a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Finally, Raymond James set a $485.00 price target on shares of Elevance Health in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

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.