Allen Mooney & Barnes Investment Advisors LLC Has $17.94 Million Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• Allen Mooney & Barnes Investment Advisors reduced its Elevance Health stake by 6.5% in the second quarter, selling 3,218 shares. It still held 46,398 shares valued at approximately $17.94 million, representing 2.7% of its portfolio.
• Elevance Health reported quarterly earnings of $7.45 per share, exceeding analyst expectations of $6.21, while revenue reached $49.83 billion. Shares opened at $415.05, near their 52-week high of $436.24.
• The company declared a quarterly dividend of $1.72 per share, equivalent to an annualized $6.88 dividend and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90.

Allen Mooney & Barnes Investment Advisors LLC cut its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,398 shares of the company's stock after selling 3,218 shares during the quarter. Elevance Health accounts for about 2.7% of Allen Mooney & Barnes Investment Advisors LLC's portfolio, making the stock its 8th biggest position. Allen Mooney & Barnes Investment Advisors LLC's holdings in Elevance Health were worth $17,943,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of ELV. Stoneridge Investment Partners LLC bought a new position in Elevance Health during the second quarter valued at about $970,000. Manning & Napier Advisors LLC raised its position in Elevance Health by 1,423.1% in the fourth quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company's stock worth $129,152,000 after acquiring an additional 344,237 shares during the period. State of Wyoming purchased a new position in Elevance Health in the second quarter valued at about $1,765,000. Mawer Investment Management Ltd. boosted its stake in Elevance Health by 10.9% in the fourth quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company's stock valued at $72,597,000 after acquiring an additional 20,438 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Elevance Health during the 2nd quarter valued at approximately $1,267,000. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Up 2.3%

Shares of NYSE ELV opened at $415.05 on Friday. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The business has a 50-day simple moving average of $396.48 and a two-hundred day simple moving average of $364.27. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market cap of $90.01 billion, a P/E ratio of 18.45, a P/E/G ratio of 2.11 and a beta of 0.69.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. The company had revenue of $49.83 billion during the quarter, compared to analysts' expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. Elevance Health's revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the company earned $8.84 earnings per share. Research analysts anticipate that Elevance Health, Inc. will post 27.18 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 Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health's dividend payout ratio (DPR) is 30.58%.

Insider Activity at Elevance Health

In related news, Director Robert Dixon, Jr. sold 151 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director directly owned 10,734 shares of the company's stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ELV shares. JPMorgan Chase & Co. raised their price target on shares of Elevance Health from $411.00 to $476.00 and gave the stock an "overweight" rating in a research note on Monday, June 8th. Weiss Ratings reissued a "hold (c)" rating on shares of Elevance Health in a report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft raised Elevance Health from a "hold" rating to a "buy" rating and increased their price objective for the company from $363.00 to $498.00 in a report on Wednesday, May 20th. Bank of America boosted their target price on Elevance Health from $435.00 to $460.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. Finally, Wells Fargo & Company dropped their price target on Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock in a research report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Elevance Health has a consensus rating of "Moderate Buy" and a consensus price target of $440.90.

About Elevance Health

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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