Commonwealth Equity Services LLC Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Commonwealth Equity Services LLC increased its stake in Elevance Health, Inc. by 6.3%, acquiring 3,193 additional shares, bringing its total holdings to 53,772 shares worth approximately $23.39 million.
• Recent analyst reports indicate a shift in target prices for Elevance Health, with Guggenheim reducing their target from $447 to $360, while UBS maintained a "buy" rating with a lowered target of $484.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock at an average price of $286.94, representing a 5.96% increase in her ownership, highlighting insider confidence in the company's future.

Commonwealth Equity Services LLC boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 53,772 shares of the company's stock after buying an additional 3,193 shares during the period. Commonwealth Equity Services LLC's holdings in Elevance Health were worth $23,389,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Elevance Health by 4.6% during the 4th 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 purchasing an additional 464,137 shares during the last quarter. Sanders Capital LLC lifted its holdings in shares of Elevance Health by 1.7% during the 4th quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock valued at $1,728,722,000 after purchasing an additional 76,896 shares during the last quarter. Capital International Investors lifted its holdings in shares of Elevance Health by 0.9% during the 4th quarter. Capital International Investors now owns 3,880,630 shares of the company's stock valued at $1,431,559,000 after purchasing an additional 35,576 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Elevance Health by 16.5% during the 4th quarter. Northern Trust Corp now owns 2,449,028 shares of the company's stock valued at $903,446,000 after purchasing an additional 346,557 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Elevance Health by 9.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,352,163 shares of the company's stock valued at $867,713,000 after purchasing an additional 199,550 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on ELV shares. Baird R W lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Cantor Fitzgerald reiterated an "overweight" rating and set a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Wells Fargo & Company reduced their target price 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. Finally, Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $418.19.

Insider Transactions at Elevance Health

In other news, CEO Gail Boudreaux acquired 8,500 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.29% of the company's stock.

Elevance Health Stock Performance

Shares of NYSE ELV traded up $10.85 during trading on Friday, reaching $294.33. 2,405,015 shares of the company traded hands, compared to its average volume of 3,306,601. The firm's fifty day simple moving average is $340.17 and its 200 day simple moving average is $385.42. The stock has a market cap of $66.28 billion, a P/E ratio of 12.52, a PEG ratio of 1.04 and a beta of 0.58. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $567.26. 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 posted its earnings results on Thursday, July 17th. The company reported $8.84 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 business had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same quarter last year, the business earned $10.12 earnings per share. Elevance Health's revenue was up 14.3% on a year-over-year basis. As a group, research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.3%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

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.