GC Wealth Management RIA LLC Grows Stock Position in Elevance Health, Inc. $ELV

Key Points

• GC Wealth Management RIA LLC significantly increased its holdings in Elevance Health, growing its stock position by 319.6% during the second quarter, now owning 2,635 shares valued at around $1,025,000.
• Multiple institutional investors have also increased their stakes in Elevance Health, with some raising their positions substantially, indicating a strong interest in the stock among hedge funds and institutional investors.
• Wall Street analysts have mixed forecasts for Elevance Health, with a consensus rating of "Moderate Buy" and a current price target averaging $411.06.

GC Wealth Management RIA LLC grew its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 319.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,635 shares of the company's stock after purchasing an additional 2,007 shares during the period. GC Wealth Management RIA LLC's holdings in Elevance Health were worth $1,025,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ELV. Generate Investment Management Ltd increased its stake in Elevance Health by 164.4% during the 2nd quarter. Generate Investment Management Ltd now owns 98,052 shares of the company's stock worth $38,138,000 after buying an additional 60,963 shares during the period. Smith Salley Wealth Management grew its stake in shares of Elevance Health by 3.2% during the second quarter. Smith Salley Wealth Management now owns 31,626 shares of the company's stock valued at $12,301,000 after acquiring an additional 977 shares in the last quarter. Fort Washington Investment Advisors Inc. OH increased its position in shares of Elevance Health by 8.4% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 5,884 shares of the company's stock worth $2,289,000 after acquiring an additional 458 shares during the last quarter. Uncommon Cents Investing LLC lifted its stake in shares of Elevance Health by 12.6% in the second quarter. Uncommon Cents Investing LLC now owns 4,160 shares of the company's stock worth $1,618,000 after acquiring an additional 465 shares in the last quarter. Finally, Blossom Wealth Management boosted its holdings in Elevance Health by 84.3% in the second quarter. Blossom Wealth Management now owns 999 shares of the company's stock valued at $389,000 after purchasing an additional 457 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Leerink Partners reaffirmed a "market perform" rating and issued a $310.00 target price (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Barclays increased their price target on shares of Elevance Health from $327.00 to $373.00 and gave the stock an "overweight" rating in a research report on Thursday, September 4th. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Argus reaffirmed a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Finally, Wells Fargo & Company decreased their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $411.06.

Elevance Health Trading Up 0.3%

NYSE:ELV opened at $319.52 on Tuesday. The firm has a market capitalization of $71.95 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.17 and a beta of 0.59. The business has a 50 day simple moving average of $304.00 and a 200 day simple moving average of $363.38. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $524.68.

Elevance Health (NYSE:ELV - Get Free Report) last posted its 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 company had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter in the previous year, the business posted $10.12 earnings per share. The business's quarterly revenue was up 14.3% compared to the same quarter last year. Equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th were given a $1.71 dividend. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.1%. Elevance Health's dividend payout ratio is 29.11%.

Insider Activity

In other Elevance Health news, Director Susan D. Devore bought 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction on Friday, July 18th. The shares were acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the transaction, the chief executive officer directly owned 151,020 shares in the company, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate 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.

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