Avantax Advisory Services Inc. Has $7.86 Million Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Avantax Advisory Services Inc. has increased its holdings in Elevance Health by 14.8%, acquiring a total of 18,058 shares worth approximately $7.86 million.
• Multiple hedge funds have adjusted their positions in Elevance Health, leading to institutional investors owning 89.24% of the company's stock.
• In recent earnings, Elevance Health reported $8.84 earnings per share, missing estimates, but achieved a revenue of $49.42 billion, a 14.3% year-over-year increase.

Avantax Advisory Services Inc. increased its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 14.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,058 shares of the company's stock after purchasing an additional 2,332 shares during the period. Avantax Advisory Services Inc.'s holdings in Elevance Health were worth $7,855,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ELV. Accredited Wealth Management LLC acquired a new position in Elevance Health in the fourth quarter worth about $25,000. Private Wealth Management Group LLC raised its position in 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 in the last quarter. WealthTrak Capital Management LLC acquired a new position in Elevance Health in the fourth quarter worth about $29,000. Riverview Trust Co raised its position in 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 in the last quarter. Finally, North Capital Inc. acquired a new position in Elevance Health in the first quarter worth about $36,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ELV. Barclays dropped their price target on shares of Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Leerink Partners reissued a "market perform" rating and issued a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Robert W. Baird lowered their price target on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a report on Friday. UBS Group reissued a "buy" rating and issued a $484.00 price target (down previously from $555.00) on shares of Elevance Health in a report on Monday, July 14th. Finally, Morgan Stanley lowered their price target on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $418.19.

Elevance Health Trading Up 3.1%

Shares of NYSE ELV opened at $289.11 on Friday. The company's fifty day moving average is $360.79 and its 200-day moving average is $392.64. The stock has a market cap of $65.10 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 1.06 and a beta of 0.60. Elevance Health, Inc. has a twelve month low of $274.40 and a twelve month high of $567.26. 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 (NYSE:ELV - Get Free Report) last announced its quarterly earnings results 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 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 company's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business earned $10.12 earnings per share. Equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.37%. Elevance Health's dividend payout ratio is 29.11%.

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The shares were bought 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 in the company, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

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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