Apollon Wealth Management LLC Acquires 806 Shares of Elevance Health, Inc. $ELV

Key Points

• Apollon Wealth Management LLC increased its holdings in Elevance Health, acquiring an additional 806 shares, representing a 30.8% increase during the 2nd quarter.
• Elevance Health reported a quarterly earnings of $8.84 EPS, falling short of analysts' expectations of $9.30, while revenues for the quarter reached $49.42 billion.
• Several brokerages have adjusted their price targets and ratings for Elevance Health, with Mizuho raising their target from $342 to $420, while analyst ratings include a consensus of "Moderate Buy."

Apollon Wealth Management LLC lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 30.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,421 shares of the company's stock after purchasing an additional 806 shares during the period. Apollon Wealth Management LLC's holdings in Elevance Health were worth $1,330,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. GLOBALT Investments LLC GA boosted its holdings in Elevance Health by 0.4% in the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock worth $2,743,000 after acquiring an additional 24 shares in the last quarter. Elser Financial Planning Inc boosted its holdings in Elevance Health by 3.0% in the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock worth $384,000 after acquiring an additional 26 shares in the last quarter. Checchi Capital Advisers LLC boosted its holdings in Elevance Health by 1.0% in the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock worth $1,190,000 after acquiring an additional 27 shares in the last quarter. Hemington Wealth Management boosted its holdings in Elevance Health by 13.3% in the first quarter. Hemington Wealth Management now owns 230 shares of the company's stock worth $100,000 after acquiring an additional 27 shares in the last quarter. Finally, Aspen Investment Management Inc boosted its holdings in Elevance Health by 2.6% in the first quarter. Aspen Investment Management Inc now owns 1,048 shares of the company's stock worth $456,000 after acquiring an additional 27 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $351.43 on Tuesday. The business's fifty day simple moving average is $316.63 and its 200 day simple moving average is $357.61. The firm has a market capitalization of $79.14 billion, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 1.29 and a beta of 0.59. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $510.24. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64.

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

Elevance Health Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction on Friday, July 18th. The stock was acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer directly owned 151,020 shares of the company's stock, valued at $43,333,678.80. This represents a 5.96% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Susan D. Devore bought 1,200 shares of the firm's stock in a transaction on 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 transaction, 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 disclosure for this purchase can be found here. Company insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ELV. Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Mizuho raised their target price on Elevance Health from $342.00 to $420.00 and gave the company an "outperform" rating in a report on Thursday. Bank of America raised their target price on Elevance Health from $330.00 to $370.00 and gave the company a "neutral" rating in a report on Friday. Finally, Guggenheim raised their target price on Elevance Health from $360.00 to $398.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Twelve equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $412.00.

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.

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