Cannell & Spears LLC Has $6.71 Million Position in Elevance Health, Inc. $ELV

Key Points

• Cannell & Spears LLC increased its Elevance Health stake by 60.6% in the first quarter, ending with 23,568 shares valued at about $6.71 million.
• Elevance Health reported better-than-expected quarterly results, posting EPS of $7.45 versus estimates of $6.21 and revenue of $49.83 billion versus forecasts of $48.88 billion.
• The company announced a quarterly dividend of $1.72 per share, implying an annualized yield of 1.8%, while analysts remain broadly positive with a consensus rating of Moderate Buy.

Cannell & Spears LLC boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 60.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,568 shares of the company's stock after purchasing an additional 8,895 shares during the quarter. Cannell & Spears LLC's holdings in Elevance Health were worth $6,712,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bright Rock Capital Management LLC bought a new stake in shares of Elevance Health during the 4th quarter worth approximately $7,362,000. Exchange Traded Concepts LLC boosted its holdings in shares of Elevance Health by 58.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 52,295 shares of the company's stock valued at $18,332,000 after purchasing an additional 19,339 shares in the last quarter. M&T Bank Corp raised its holdings in shares of Elevance Health by 160.4% during the 4th quarter. M&T Bank Corp now owns 50,486 shares of the company's stock worth $17,698,000 after buying an additional 31,101 shares in the last quarter. HF Advisory Group LLC lifted its position in shares of Elevance Health by 1,797.0% during the 4th quarter. HF Advisory Group LLC now owns 152,705 shares of the company's stock worth $53,531,000 after buying an additional 144,655 shares during the last quarter. Finally, Solidarity Wealth LLC acquired a new stake in Elevance Health in the fourth quarter valued at about $1,433,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Trading Down 0.5%

NYSE ELV opened at $377.39 on Friday. The business has a 50 day simple moving average of $398.69 and a 200 day simple moving average of $356.52. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $436.24. The stock has a market capitalization of $81.84 billion, a P/E ratio of 16.77, a P/E/G ratio of 2.18 and a beta of 0.67. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company's revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the firm earned $8.84 earnings per share. Research analysts expect that Elevance Health, Inc. will post 27.08 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 30.58%.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the transaction, the director owned 10,734 shares of the company's stock, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on ELV shares. JPMorgan Chase & Co. raised their target price on shares of Elevance Health from $411.00 to $476.00 and gave the company an "overweight" rating in a research report on Monday, June 8th. UBS Group upped their target price on Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a report on Friday, May 22nd. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a report on Thursday, July 16th. Cantor Fitzgerald raised their price objective on shares of Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Finally, Truist Financial lifted their target price on shares of Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average 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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