Fifth Third Wealth Advisors LLC Acquires 1,545 Shares of Elevance Health, Inc. (NYSE:ELV)

Fifth Third Wealth Advisors LLC lifted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 65.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,898 shares of the company's stock after purchasing an additional 1,545 shares during the quarter. Fifth Third Wealth Advisors LLC's holdings in Elevance Health were worth $1,695,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ELV. Crews Bank & Trust bought a new stake in Elevance Health during the fourth quarter worth $34,000. Mediolanum International Funds Ltd raised its position in Elevance Health by 3.4% during the fourth quarter. Mediolanum International Funds Ltd now owns 8,608 shares of the company's stock worth $3,167,000 after acquiring an additional 280 shares in the last quarter. Caprock Group LLC bought a new stake in Elevance Health during the fourth quarter worth $1,989,000. China Universal Asset Management Co. Ltd. bought a new stake in Elevance Health during the fourth quarter worth $1,146,000. Finally, Independence Bank of Kentucky raised its position in Elevance Health by 4.3% during the fourth quarter. Independence Bank of Kentucky now owns 1,359 shares of the company's stock worth $501,000 after acquiring an additional 56 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

ELV has been the topic of several analyst reports. Barclays dropped their price target on shares of Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a research report on Monday. Baird R W downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Truist Financial upped their price objective on shares of Elevance Health from $480.00 to $510.00 and gave the company a "buy" rating in a report on Friday, April 11th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Finally, Guggenheim reiterated a "buy" rating and issued a $518.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Elevance Health has an average rating of "Moderate Buy" and an average price target of $499.53.

Elevance Health Stock Performance

Shares of ELV stock traded up $4.54 on Thursday, hitting $384.61. The company's stock had a trading volume of 2,130,339 shares, compared to its average volume of 1,539,242. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The stock's 50 day moving average is $410.29 and its 200-day moving average is $400.80. 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 capitalization of $86.90 billion, a PE ratio of 15.02, a PEG ratio of 1.18 and a beta of 0.66.

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

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be paid a dividend of $1.71 per share. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.78%. Elevance Health's payout ratio is 26.69%.

Insiders Place Their Bets

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at $766,745.11. This represents a 19.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark Kaye sold 4,588 shares of the stock in a transaction dated 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. 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.

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.