Okabena Investment Services Inc. Takes $1.36 Million Position in Elevance Health, Inc. $ELV

Key Points

• Okabena Investment Services Inc. has acquired 3,119 shares of Elevance Health, valued at approximately $1,357,000, indicating growing interest from institutional investors.
• Elevance Health CEO Gail Boudreaux purchased 8,500 shares at $286.94 each, increasing her ownership by nearly 6%.
• The company recently announced a quarterly dividend of $1.71 per share, reflecting a strong dividend yield of 2.2%.

Okabena Investment Services Inc. acquired a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 3,119 shares of the company's stock, valued at approximately $1,357,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC bought a new position in Elevance Health during the first quarter valued at about $299,000. GAMMA Investing LLC lifted its position in shares of Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after buying an additional 1,588 shares during the period. Ritholtz Wealth Management lifted its position in shares of Elevance Health by 185.7% during the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after buying an additional 2,004 shares during the period. Sequoia Financial Advisors LLC lifted its position in shares of Elevance Health by 15.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock worth $2,922,000 after buying an additional 913 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Elevance Health by 36.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after buying an additional 7,410 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the stock in a transaction on Tuesday, August 19th. The shares were purchased at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the transaction, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gail Boudreaux purchased 8,500 shares of the stock in a transaction on Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by insiders.

Elevance Health Trading Up 1.6%

Shares of ELV traded up $5.01 during trading hours on Tuesday, reaching $323.66. The stock had a trading volume of 659,590 shares, compared to its average volume of 1,965,435. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $567.26. The firm has a 50-day moving average of $316.85 and a 200 day moving average of $375.23. The company has a market cap of $72.88 billion, a P/E ratio of 13.80, a P/E/G ratio of 1.17 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter in the prior year, the company earned $10.12 EPS. Elevance Health's quarterly revenue was up 14.3% on a year-over-year basis. On average, sell-side analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.1%. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Robert W. Baird reduced their target price on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Wells Fargo & Company reduced their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, August 15th. JPMorgan Chase & Co. reduced their target price on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Finally, Barclays reduced their price objective on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Elevance Health has a consensus rating of "Moderate Buy" and a consensus target price of $413.81.

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.