Elevance Health, Inc. (NYSE:ELV) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 16.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 573,607 shares of the company's stock after purchasing an additional 82,014 shares during the period. Envestnet Asset Management Inc. owned approximately 0.25% of Elevance Health worth $249,496,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Traveka Wealth LLC bought a new stake in shares of Elevance Health during the 1st quarter worth approximately $216,000. Concurrent Investment Advisors LLC lifted its stake in shares of Elevance Health by 50.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,189 shares of the company's stock worth $952,000 after acquiring an additional 735 shares during the last quarter. World Investment Advisors lifted its stake in shares of Elevance Health by 14.2% during the 1st quarter. World Investment Advisors now owns 23,446 shares of the company's stock worth $10,198,000 after acquiring an additional 2,909 shares during the last quarter. VELA Investment Management LLC lifted its stake in shares of Elevance Health by 28.9% during the 1st quarter. VELA Investment Management LLC now owns 2,674 shares of the company's stock worth $1,163,000 after acquiring an additional 600 shares during the last quarter. Finally, Wayfinding Financial LLC bought a new stake in shares of Elevance Health during the 1st quarter worth approximately $81,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Down 1.7%

Shares of NYSE:ELV traded down $5.82 on Friday, reaching $340.04. The company had a trading volume of 1,697,800 shares, compared to its average volume of 1,745,322. Elevance Health, Inc. has a 52-week low of $337.61 and a 52-week high of $567.26. The firm's 50 day simple moving average is $382.27 and its 200-day simple moving average is $397.62. The firm has a market capitalization of $76.83 billion, a PE ratio of 13.27, a PEG ratio of 0.88 and a beta of 0.60. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66.

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

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were issued a $1.71 dividend. The ex-dividend date was Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.01%. Elevance Health's dividend payout ratio is presently 26.69%.

Analysts Set New Price Targets

ELV has been the subject of a number of research analyst reports. Truist Financial set a $500.00 price target on Elevance Health and gave the stock a "buy" rating in a research note on Monday, June 9th. Royal Bank Of Canada reissued an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Cantor Fitzgerald restated an "overweight" rating and set a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Barclays reduced their price objective on Elevance Health from $480.00 to $434.00 and set an "overweight" rating on the stock in a report on Wednesday. Finally, Wall Street Zen upgraded Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $495.80.

Insider Buying and Selling at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer owned 18,977 shares of the company's stock, valued at $8,061,809.14. This trade represents a 19.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

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.