Steward Partners Investment Advisory LLC Has $8.43 Million Stock Position in Elevance Health, Inc. $ELV

Key Points

• Steward Partners Investment Advisory LLC increased its stake in Elevance Health by 14.3%, now holding 19,375 shares valued at approximately $8.43 million.
• Elevance Health's stock is currently valued at $310.03 with a market capitalization of $69.81 billion, and it reported a revenue of $49.42 billion for the latest quarter.
• CEO Gail Boudreaux bought 8,500 shares of Elevance Health at $286.94 each, increasing her ownership by 5.96% to a position worth approximately $43.33 million.

Steward Partners Investment Advisory LLC lifted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 14.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,375 shares of the company's stock after purchasing an additional 2,431 shares during the period. Steward Partners Investment Advisory LLC's holdings in Elevance Health were worth $8,428,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Elevance Health by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock worth $9,635,281,000 after purchasing an additional 666,534 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Elevance Health by 4.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock worth $3,917,004,000 after buying an additional 464,137 shares during the period. Northern Trust Corp boosted its holdings in shares of Elevance Health by 16.5% in the fourth quarter. Northern Trust Corp now owns 2,449,028 shares of the company's stock worth $903,446,000 after buying an additional 346,557 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Elevance Health by 9.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,352,163 shares of the company's stock worth $867,713,000 after buying an additional 199,550 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Elevance Health by 1.2% in the first quarter. Invesco Ltd. now owns 2,116,289 shares of the company's stock worth $920,501,000 after buying an additional 24,833 shares during the period. Institutional investors and hedge funds own 89.24% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ELV. Argus reiterated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Wells Fargo & Company decreased their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, August 15th. Guggenheim decreased their price target on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a report on Friday, July 18th. Barclays decreased their price target on shares of Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Finally, Robert W. Baird decreased their price target on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $413.81.

Elevance Health Stock Performance

ELV stock traded up $6.2370 on Friday, reaching $315.8370. 2,961,044 shares of the company were exchanged, compared to its average volume of 2,567,187. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $567.26. The stock's fifty day moving average price is $324.18 and its 200 day moving average price is $378.71. The firm has a market capitalization of $71.12 billion, a PE ratio of 13.44, a PEG ratio of 1.13 and a beta of 0.58. 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 (NYSE:ELV - Get Free Report) last announced its 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). The company had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The company's revenue was up 14.3% compared to the same quarter last year. During the same period last year, the firm posted $10.12 EPS. On average, research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is 29.11%.

Insider Buying and Selling at Elevance Health

In other news, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The shares were bought at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction dated 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 $43,333,678.80. This represents a 5.96% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

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.