DAVENPORT & Co LLC Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

DAVENPORT & Co LLC raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 23.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 281,874 shares of the company's stock after acquiring an additional 53,811 shares during the quarter. DAVENPORT & Co LLC owned about 0.12% of Elevance Health worth $122,416,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Elevance Health by 1.6% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 30,055 shares of the company's stock worth $13,073,000 after purchasing an additional 476 shares during the period. Clear Creek Financial Management LLC acquired a new stake in shares of Elevance Health during the first quarter worth $578,000. Cidel Asset Management Inc. lifted its holdings in shares of Elevance Health by 12.5% during the first quarter. Cidel Asset Management Inc. now owns 2,585 shares of the company's stock worth $1,124,000 after buying an additional 288 shares in the last quarter. Impact Investors Inc boosted its position in shares of Elevance Health by 2.4% in the first quarter. Impact Investors Inc now owns 1,577 shares of the company's stock valued at $686,000 after acquiring an additional 37 shares during the period. Finally, Vontobel Holding Ltd. grew its stake in shares of Elevance Health by 17.1% in the first quarter. Vontobel Holding Ltd. now owns 7,212 shares of the company's stock valued at $3,137,000 after acquiring an additional 1,052 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the company's 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 sale, the chief financial officer directly owned 18,977 shares of the company's stock, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.29% of the company's stock.

Elevance Health Price Performance

Shares of ELV traded down $45.42 during trading hours on Wednesday, reaching $350.34. The stock had a trading volume of 4,801,531 shares, compared to its average volume of 1,601,708. Elevance Health, Inc. has a 12 month low of $349.61 and a 12 month high of $567.26. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market capitalization of $79.15 billion, a PE ratio of 13.67, a PEG ratio of 1.01 and a beta of 0.60. The company's 50-day moving average is $392.25 and its two-hundred day moving average is $398.81.

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

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.95%. Elevance Health's dividend payout ratio is presently 26.69%.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of recent research reports. Argus set a $465.00 price objective on shares of Elevance Health in a report on Friday, April 25th. Robert W. Baird reiterated a "neutral" rating and issued a $529.00 price target (down from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Barclays reduced their price target on Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a research report on Monday, June 2nd. Mizuho lifted their price objective on Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Finally, Truist Financial set a $500.00 target price on Elevance Health and gave the stock a "buy" rating in a report on Monday, June 9th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and an average 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.