Elevance Health, Inc. (NYSE:ELV) Shares Acquired by Berger Financial Group Inc

Key Points

• Berger Financial Group Inc has increased its stake in Elevance Health, Inc. by 2,426.2% during the first quarter, now holding a total of 14,248 shares valued at approximately $6.2 million.
• Analysts have adjusted their price targets for Elevance Health, with JPMorgan lowering their target from $472 to $384, while Royal Bank of Canada maintains an "outperform" rating with a target of $478.
• Elevance Health recently reported $8.84 earnings per share for the quarter, missing estimates, but achieved a revenue of $49.42 billion, surpassing expectations.

Berger Financial Group Inc lifted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 2,426.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,248 shares of the company's stock after purchasing an additional 13,684 shares during the period. Berger Financial Group Inc's holdings in Elevance Health were worth $6,197,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ELV. Fiduciary Family Office LLC purchased a new stake in Elevance Health during the 1st quarter worth approximately $620,000. Covestor Ltd increased its stake in Elevance Health by 29.8% during the 1st quarter. Covestor Ltd now owns 649 shares of the company's stock worth $282,000 after buying an additional 149 shares in the last quarter. Frank Rimerman Advisors LLC increased its stake in Elevance Health by 21.4% during the 1st quarter. Frank Rimerman Advisors LLC now owns 3,641 shares of the company's stock worth $1,584,000 after buying an additional 643 shares in the last quarter. Koss Olinger Consulting LLC purchased a new stake in Elevance Health during the 1st quarter worth approximately $232,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Elevance Health during the 1st quarter worth approximately $2,116,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Transactions at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the business's stock in a transaction on Friday, July 18th. The shares were purchased at an average price 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. The trade was a 5.96% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ELV has been the subject of several research reports. Leerink Partners reiterated a "market perform" rating and set a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Argus reissued a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Barclays cut their target price on Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. UBS Group reiterated a "buy" rating and issued a $484.00 price objective (down previously from $555.00) on shares of Elevance Health in a report on Monday, July 14th. Finally, Baird R W downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $418.19.

Elevance Health Stock Up 0.5%

NYSE ELV traded up $1.57 during trading hours on Tuesday, hitting $292.36. The company had a trading volume of 1,522,528 shares, compared to its average volume of 1,953,342. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $567.26. The company has a market capitalization of $65.83 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.08 and a beta of 0.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The firm's 50 day moving average is $338.45 and its 200 day moving average is $384.51.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business's quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the company earned $10.12 earnings per share. Sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business 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 of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.3%. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

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.