Farther Finance Advisors LLC Buys 653 Shares of Elevance Health, Inc. (NYSE:ELV)

Farther Finance Advisors LLC raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 30.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,810 shares of the company's stock after acquiring an additional 653 shares during the period. Farther Finance Advisors LLC's holdings in Elevance Health were worth $1,216,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Milestone Asset Management LLC raised its position in Elevance Health by 2.2% in the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after purchasing an additional 24 shares during the last quarter. Jacobi Capital Management LLC raised its holdings in shares of Elevance Health by 3.2% in the fourth quarter. Jacobi Capital Management LLC now owns 882 shares of the company's stock valued at $325,000 after buying an additional 27 shares during the last quarter. McLean Asset Management Corp lifted its position in shares of Elevance Health by 2.3% during the first quarter. McLean Asset Management Corp now owns 1,439 shares of the company's stock worth $620,000 after purchasing an additional 32 shares in the last quarter. Keystone Financial Services boosted its position in Elevance Health by 2.4% in the 4th quarter. Keystone Financial Services now owns 1,436 shares of the company's stock valued at $530,000 after buying an additional 33 shares during the last quarter. Finally, Forum Financial Management LP increased its position in Elevance Health by 1.2% in the fourth quarter. Forum Financial Management LP now owns 2,860 shares of the company's stock worth $1,055,000 after purchasing an additional 34 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer now owns 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.29% of the company's stock.

Elevance Health Stock Down 0.4%

NYSE ELV traded down $1.73 on Friday, reaching $384.49. The company had a trading volume of 958,480 shares, compared to its average volume of 1,553,939. The company's fifty day moving average is $405.63 and its 200-day moving average is $400.31. The firm has a market capitalization of $86.87 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 1.18 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. Elevance Health, Inc. has a 1-year low of $357.45 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. The business had revenue of $48.77 billion during the quarter, compared to the consensus estimate of $46.26 billion. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Tuesday, June 10th. Elevance Health's dividend payout ratio (DPR) is currently 26.69%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ELV. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Barclays reduced their price objective on shares of Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a research note on Monday, June 2nd. Wall Street Zen upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a research report on Thursday, March 20th. Royal Bank of Canada reissued an "outperform" rating and issued a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Finally, Truist Financial set a $500.00 target price on Elevance Health and gave the stock a "buy" rating in a report on Monday. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price 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.