Woodley Farra Manion Portfolio Management Inc. Acquires 6,910 Shares of Elevance Health, Inc. (NYSE:ELV)

Woodley Farra Manion Portfolio Management Inc. raised its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 5.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 127,070 shares of the company's stock after acquiring an additional 6,910 shares during the quarter. Elevance Health makes up 2.7% of Woodley Farra Manion Portfolio Management Inc.'s portfolio, making the stock its 17th biggest position. Woodley Farra Manion Portfolio Management Inc. owned 0.06% of Elevance Health worth $55,270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the stock. Mesirow Financial Investment Management Inc. boosted its stake in Elevance Health by 14.9% during the 1st quarter. Mesirow Financial Investment Management Inc. now owns 765 shares of the company's stock valued at $333,000 after acquiring an additional 99 shares during the last quarter. Arkadios Wealth Advisors lifted its position in shares of Elevance Health by 74.5% in the 1st quarter. Arkadios Wealth Advisors now owns 1,932 shares of the company's stock worth $840,000 after buying an additional 825 shares during the last quarter. Pacific Capital Partners Ltd bought a new position in shares of Elevance Health in the 1st quarter worth about $5,437,000. Harvest Fund Management Co. Ltd bought a new position in shares of Elevance Health in the 1st quarter worth about $579,000. Finally, S&CO Inc. bought a new position in shares of Elevance Health in the 1st quarter worth about $839,000. 89.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Gail Boudreaux acquired 8,500 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Leerink Partners restated a "market perform" rating and issued a $310.00 price target (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Truist Financial reduced their price target on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Guggenheim reduced their price target on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Wells Fargo & Company reduced their price target on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $418.19.

Elevance Health Price Performance

Shares of NYSE ELV traded down $8.98 during midday trading on Friday, reaching $274.10. The company's stock had a trading volume of 3,380,911 shares, compared to its average volume of 1,939,330. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The company has a 50 day moving average price of $351.82 and a 200 day moving average price of $389.87. Elevance Health, Inc. has a one year low of $273.84 and a one year high of $567.26. The company has a market cap of $61.72 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 1.08 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly 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). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same quarter in the prior year, the firm earned $10.12 EPS. The firm's revenue was up 14.3% compared to the same quarter last year. On average, equities research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.5%. 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.