Elevance Health, Inc. (NYSE:ELV) Shares Acquired by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its stake in Elevance Health, Inc. by 19.7% during the 1st quarter, owning approximately 59,996 shares worth $26.1 million.
• Elevance Health reported earnings of $8.84 per share for the quarter, missing estimates, but revenues increased by 14.3% year-over-year to $49.42 billion.
• The company announced a quarterly dividend of $1.71 per share, with a dividend yield of 2.37%, to be paid on September 25th.

Cetera Investment Advisers lifted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 19.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,996 shares of the company's stock after acquiring an additional 9,855 shares during the period. Cetera Investment Advisers' holdings in Elevance Health were worth $26,096,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. Wellington Management Group LLP boosted its stake in Elevance Health by 42.5% during the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after buying an additional 1,893,947 shares during the last quarter. GAMMA Investing LLC boosted its stake in Elevance Health by 81,726.5% during the first quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock valued at $641,355,000 after buying an additional 1,472,712 shares during the last quarter. D1 Capital Partners L.P. bought a new position in Elevance Health during the fourth quarter valued at approximately $294,751,000. Price T Rowe Associates Inc. MD boosted its stake in Elevance Health by 4.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock valued at $3,917,004,000 after buying an additional 464,137 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Elevance Health by 48.7% in the 4th quarter. First Trust Advisors LP now owns 1,267,396 shares of the company's stock valued at $467,542,000 after purchasing an additional 414,989 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Down 2.4%

Shares of NYSE:ELV traded down $7.09 on Thursday, reaching $286.47. The company had a trading volume of 875,521 shares, compared to its average volume of 1,912,095. Elevance Health, Inc. has a 52-week low of $274.40 and a 52-week high of $567.26. The firm's 50 day simple moving average is $353.84 and its 200-day simple moving average is $390.66. The firm has a market capitalization of $64.51 billion, a PE ratio of 12.17, a PEG ratio of 1.06 and a beta of 0.60. 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 announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the prior year, the business posted $10.12 earnings per share. The company's revenue was up 14.3% compared to the same quarter last year. As a group, analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be issued a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.39%. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Analysts Set New Price Targets

ELV has been the subject of several analyst reports. UBS Group reaffirmed a "buy" rating and issued a $484.00 price objective (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Wells Fargo & Company lowered their price objective on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Robert W. Baird lowered their price objective on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Finally, Guggenheim lowered their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $418.19.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Company 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.