Advisors Asset Management Inc. Buys 10,887 Shares of Elevance Health, Inc. $ELV

Key Points

• Advisors Asset Management Inc. increased its holdings in Elevance Health by 84.3%, now owning 23,799 shares valued at approximately $10.35 million.
• Insider trading activity included CEO Gail Boudreaux purchasing 8,500 shares, increasing her ownership by 5.96%, and Director Susan D. Devore buying 1,200 shares, boosting her stake by 52.13%.
• Recent analyst reports saw target prices for Elevance Health cut by several firms, with an average consensus target price now at $413.81.

Advisors Asset Management Inc. raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 84.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,799 shares of the company's stock after purchasing an additional 10,887 shares during the quarter. Advisors Asset Management Inc.'s holdings in Elevance Health were worth $10,352,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Wealth Management Group LLC raised its stake in shares of Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after purchasing an additional 38 shares during the last quarter. WPG Advisers LLC purchased a new stake in shares of Elevance Health in the first quarter worth approximately $29,000. Riverview Trust Co raised its stake in shares of Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after purchasing an additional 67 shares during the last quarter. North Capital Inc. purchased a new stake in shares of Elevance Health in the first quarter worth approximately $36,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Elevance Health in the fourth quarter worth approximately $39,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Elevance Health

In related news, Director Susan D. Devore purchased 1,200 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The stock was bought at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $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. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Stock Performance

NYSE ELV traded up $6.31 on Tuesday, hitting $314.47. 641,657 shares of the stock traded hands, compared to its average volume of 1,967,909. The business's fifty day moving average is $310.41 and its two-hundred day moving average is $372.67. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $559.95. The firm has a market capitalization of $70.81 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.15 and a beta of 0.59. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $48.26 billion. During the same period last year, the company posted $10.12 earnings per share. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. As a group, equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is 29.11%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ELV. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. UBS Group decreased their price target on Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a research report on Friday. Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Truist Financial decreased their price target on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Argus reaffirmed a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Elevance Health currently has an average rating of "Moderate Buy" and an average price target of $411.06.

Elevance Health Company 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.