Allen Capital Group LLC Acquires New Stake in Elevance Health, Inc. (NYSE:ELV)

Allen Capital Group LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 7,729 shares of the company's stock, valued at approximately $3,362,000.

Several other large investors have also made changes to their positions in ELV. Private Wealth Management Group LLC increased its position in shares of Elevance Health by 152.0% during 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 in the last quarter. Accredited Wealth Management LLC purchased a new position in shares of Elevance Health during the 4th quarter worth $25,000. Flagship Wealth Advisors LLC purchased a new position in Elevance Health during the 4th quarter valued at about $26,000. Riverview Trust Co boosted its holdings in Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after acquiring an additional 67 shares during the period. Finally, WealthTrak Capital Management LLC purchased a new position in Elevance Health during the 4th quarter valued at about $29,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Price Performance

NYSE:ELV traded up $8.30 during trading hours on Wednesday, hitting $344.51. The company's stock had a trading volume of 2,485,722 shares, compared to its average volume of 1,637,275. Elevance Health, Inc. has a 52-week low of $335.17 and a 52-week high of $567.26. The company has a market capitalization of $77.84 billion, a PE ratio of 13.44, a PEG ratio of 0.85 and a beta of 0.60. The business's 50-day moving average is $377.77 and its two-hundred day moving average is $397.09. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business had revenue of $48.77 billion during the quarter, compared to analysts' expectations of $46.26 billion. As a group, research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date was Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.69%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Truist Financial lowered their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday. Sanford C. Bernstein reiterated an "outperform" rating on shares of Elevance Health in a research note on Friday, March 28th. Barclays cut their target price on shares of Elevance Health from $480.00 to $434.00 and set an "overweight" rating on the stock in a report on Wednesday, July 9th. UBS Group restated a "buy" rating and set a $484.00 price target (down previously from $555.00) on shares of Elevance Health in a research note on Monday. Finally, Mizuho upped their price target on Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $481.87.

Insider Buying and Selling at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer owned 18,977 shares in the company, valued at $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

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.