Confluence Wealth Services Inc. Invests $566,000 in Elevance Health, Inc. (NYSE:ELV)

Confluence Wealth Services Inc. acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,325 shares of the company's stock, valued at approximately $566,000.

Several other hedge funds also recently bought and sold shares of the company. Kovack Advisors Inc. raised its stake in Elevance Health by 32.3% in the fourth quarter. Kovack Advisors Inc. now owns 643 shares of the company's stock valued at $237,000 after purchasing an additional 157 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Elevance Health by 2.1% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 7,856 shares of the company's stock worth $2,898,000 after purchasing an additional 158 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Elevance Health by 2.2% in the 4th quarter. Oppenheimer & Co. Inc. now owns 5,621 shares of the company's stock worth $2,074,000 after acquiring an additional 122 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Elevance Health in the 4th quarter worth about $11,109,000. Finally, Sage Investment Counsel LLC purchased a new position in shares of Elevance Health during the fourth quarter valued at approximately $321,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Activity at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the transaction, the chief financial officer owned 18,977 shares of the company's stock, valued at $8,061,809.14. This represents a 19.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by insiders.

Elevance Health Price Performance

Elevance Health stock traded up $6.47 during mid-day trading on Tuesday, reaching $395.43. The company had a trading volume of 744,221 shares, compared to its average volume of 1,579,284. The company has a market cap of $89.34 billion, a P/E ratio of 15.43, a P/E/G ratio of 0.97 and a beta of 0.60. The business has a fifty day simple moving average of $392.66 and a 200 day simple moving average of $398.83. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. Elevance Health, Inc. has a fifty-two week low of $357.45 and a fifty-two week high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The firm had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. On average, equities research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend was Tuesday, June 10th. Elevance Health's payout ratio is currently 26.69%.

Analyst Ratings Changes

Several research firms recently commented on ELV. Robert W. Baird reaffirmed a "neutral" rating and set a $529.00 price objective (down from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a report on Wednesday, June 4th. Sanford C. Bernstein reissued an "outperform" rating on shares of Elevance Health in a research note on Friday, March 28th. Mizuho increased their price objective on shares of Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Finally, Barclays reduced their price target on shares of Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a research report on Monday, June 2nd. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and a consensus price target of $498.87.

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.