Elevance Health, Inc. (NYSE:ELV) Stake Lowered by Professional Advisory Services Inc.

Professional Advisory Services Inc. lowered its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 9.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,167 shares of the company's stock after selling 7,102 shares during the period. Elevance Health comprises approximately 4.3% of Professional Advisory Services Inc.'s holdings, making the stock its 2nd largest holding. Professional Advisory Services Inc.'s holdings in Elevance Health were worth $30,520,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. KMG Fiduciary Partners LLC purchased a new position in shares of Elevance Health during the first quarter valued at $340,000. Barden Capital Management Inc. grew its stake in Elevance Health by 4.3% in the first quarter. Barden Capital Management Inc. now owns 2,227 shares of the company's stock valued at $969,000 after purchasing an additional 91 shares during the last quarter. Miracle Mile Advisors LLC grew its stake in Elevance Health by 9.4% in the first quarter. Miracle Mile Advisors LLC now owns 1,306 shares of the company's stock valued at $568,000 after purchasing an additional 112 shares during the last quarter. RDA Financial Network grew its stake in Elevance Health by 1.3% in the first quarter. RDA Financial Network now owns 6,466 shares of the company's stock valued at $2,812,000 after purchasing an additional 82 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its stake in Elevance Health by 28.8% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 5,783 shares of the company's stock valued at $2,515,000 after purchasing an additional 1,293 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Buying and Selling

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the transaction, the chief accounting officer now directly owns 1,847 shares of the company's stock, valued at approximately $766,745.11. The trade was a 19.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Kaye sold 4,588 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer now directly owns 18,977 shares of the company's stock, valued at $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Argus set a $465.00 target price on Elevance Health in a research note on Friday, April 25th. Baird R W lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Wall Street Zen upgraded Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. Royal Bank of Canada reiterated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday. Finally, Barclays cut their target price on Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a research note on Monday, June 2nd. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $499.53.

Elevance Health Price Performance

Shares of NYSE ELV opened at $393.70 on Friday. 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 fifty-two week low of $357.45 and a fifty-two week high of $567.26. The company has a market cap of $88.95 billion, a PE ratio of 15.37, a P/E/G ratio of 1.18 and a beta of 0.60. The business has a 50-day simple moving average of $409.50 and a two-hundred day simple moving average of $400.82.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The firm had revenue of $48.77 billion during the quarter, compared to the consensus estimate of $46.26 billion. As a group, equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's dividend payout ratio (DPR) is 26.69%.

Elevance Health Company 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.

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