Circle Wealth Management LLC Purchases Shares of 871 Elevance Health, Inc. $ELV

Key Points

• Circle Wealth Management LLC has acquired a new position in Elevance Health, Inc. by purchasing 871 shares valued at approximately $379,000.
• Several institutional investors have recently increased their stakes in Elevance Health, with 89.24% of the company's stock now owned by such entities.
• Elevance Health's recent earnings report showed a revenue increase of 14.3% year-over-year, but earnings per share fell short of analysts’ expectations.

Circle Wealth Management LLC bought a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 871 shares of the company's stock, valued at approximately $379,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC boosted its position in Elevance Health by 152.0% during 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 during the period. Accredited Wealth Management LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at about $25,000. Riverview Trust Co boosted its position in shares of Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after acquiring an additional 67 shares during the period. North Capital Inc. acquired a new position in Elevance Health in the first quarter valued at about $36,000. Finally, Berbice Capital Management LLC acquired a new position in Elevance Health in the first quarter valued at about $43,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Down 0.2%

Shares of NYSE:ELV traded down $0.48 during trading on Wednesday, reaching $309.55. 1,461,891 shares of the stock were exchanged, compared to its average volume of 1,968,391. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $567.26. The stock has a fifty day moving average of $321.63 and a two-hundred day moving average of $377.46. The firm has a market cap of $69.71 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 1.15 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last issued its 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). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same period in the previous year, the company earned $10.12 earnings per share. Elevance Health's revenue for the quarter was up 14.3% compared to the same quarter last year. Research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced 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 2.2%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wells Fargo & Company dropped their price target on Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, August 15th. Guggenheim reduced their price target on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Barclays reduced their target price on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Truist Financial reduced their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a report on Wednesday, June 4th. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and a consensus price target of $413.81.

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The stock was bought 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 owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan D. Devore purchased 1,200 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were purchased at an average price of $312.15 per share, with a total value of $374,580.00. Following the purchase, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

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.