841 Shares in Elevance Health, Inc. $ELV Acquired by Eads & Heald Wealth Management

Key Points

• Eads & Heald Wealth Management acquired 841 shares of Elevance Health, Inc. for approximately $327,000 in the second quarter.
• Elevance Health reported earnings of $8.84 per share, missing consensus estimates, but revenue increased by 14.3% year-over-year to $49.42 billion.
• The company recently announced a quarterly dividend of $1.71 per share, representing a 1.9% annual yield with a payout ratio of 29.11%.

Eads & Heald Wealth Management purchased a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 841 shares of the company's stock, valued at approximately $327,000.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Elevance Health by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock valued at $9,635,281,000 after buying an additional 666,534 shares during the period. Orbis Allan Gray Ltd raised its holdings in Elevance Health by 31.4% in the first quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company's stock valued at $1,239,276,000 after acquiring an additional 680,228 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Elevance Health by 13.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company's stock worth $1,164,041,000 after acquiring an additional 324,040 shares during the last quarter. Invesco Ltd. lifted its stake in Elevance Health by 1.2% in the first quarter. Invesco Ltd. now owns 2,116,289 shares of the company's stock worth $920,501,000 after acquiring an additional 24,833 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Elevance Health by 1.5% during the 1st quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company's stock worth $845,394,000 after acquiring an additional 29,174 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Up 3.2%

Shares of NYSE ELV opened at $351.11 on Monday. The business has a 50-day moving average price of $307.98 and a 200 day moving average price of $360.68. The stock has a market cap of $79.06 billion, a PE ratio of 14.94, a price-to-earnings-growth ratio of 1.28 and a beta of 0.59. 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 $510.24.

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

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th were paid a $1.71 dividend. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.9%. Elevance Health's payout ratio is currently 29.11%.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore bought 1,200 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, the director owned 3,502 shares of the company's stock, valued at approximately $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 this link. Also, CEO Gail Boudreaux purchased 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was bought at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, the chief executive officer directly owned 151,020 shares in the company, valued at $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Barclays raised their price objective on shares of Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a report on Thursday, September 4th. Truist Financial cut their price target on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. JPMorgan Chase & Co. lowered their price objective on Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Morgan Stanley cut their target price on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. Finally, Leerink Partners reaffirmed a "market perform" rating and issued a $310.00 price target (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Twelve equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $411.06.

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.

Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.