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

Burling Wealth Partners LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,540 shares of the company's stock, valued at approximately $2,782,000.

A number of other institutional investors also recently bought and sold shares of ELV. Flagship Wealth Advisors LLC bought a new stake in Elevance Health during the 4th quarter valued at about $26,000. OFI Invest Asset Management bought a new stake in shares of Elevance Health during the fourth quarter valued at approximately $29,000. WealthTrak Capital Management LLC purchased a new stake in shares of Elevance Health in the fourth quarter valued at approximately $29,000. Lee Danner & Bass Inc. bought a new position in Elevance Health in the fourth quarter worth approximately $30,000. Finally, Crews Bank & Trust purchased a new position in Elevance Health during the 4th quarter worth $34,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of recent research reports. Stephens downgraded Elevance Health from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Truist Financial raised their target price on shares of Elevance Health from $480.00 to $510.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Wells Fargo & Company decreased their price objective on Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a research note on Tuesday, January 28th. Robert W. Baird reissued a "neutral" rating and set a $529.00 price target (down from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Finally, Barclays lifted their price objective on shares of Elevance Health from $512.00 to $522.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $510.38.

Insider Activity at Elevance Health

In related news, CAO Ronald W. Penczek sold 443 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total value of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares of the company's stock, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the sale, the executive vice president now owns 10,116 shares of the company's stock, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,535 shares of company stock worth $3,521,612. 0.29% of the stock is owned by company insiders.

Elevance Health Stock Performance

Shares of NYSE:ELV traded down $2.56 during midday trading on Tuesday, reaching $411.26. The company's stock had a trading volume of 485,788 shares, compared to its average volume of 1,456,648. The firm has a market capitalization of $92.92 billion, a PE ratio of 16.06, a P/E/G ratio of 1.18 and a beta of 0.77. The stock has a fifty day moving average of $420.43 and a 200 day moving average of $406.68. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.60 by $1.37. The business had revenue of $48.77 billion during the quarter, compared to analysts' expectations of $46.26 billion. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.69%.

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.