Greatmark Investment Partners Inc. Grows Position in Elevance Health, Inc. $ELV

Key Points

• Greatmark Investment Partners Inc. increased its stake in Elevance Health by 9.8% during the second quarter, holding 28,650 shares valued at $11.1 million.
• Elevance Health's latest earnings report showed an EPS of $6.03, exceeding the consensus estimate by $1.00, with revenue of $50.09 billion for the quarter.
• The company announced a quarterly dividend of $1.71 per share, representing a 1.9% dividend yield, with the ex-dividend date set for December 5th.

Greatmark Investment Partners Inc. raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 9.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,650 shares of the company's stock after purchasing an additional 2,568 shares during the quarter. Elevance Health comprises about 1.4% of Greatmark Investment Partners Inc.'s investment portfolio, making the stock its 24th biggest position. Greatmark Investment Partners Inc.'s holdings in Elevance Health were worth $11,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of ELV. GLOBALT Investments LLC GA boosted its holdings in Elevance Health by 0.4% in the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock worth $2,743,000 after acquiring an additional 24 shares during the period. Checchi Capital Advisers LLC grew its holdings in Elevance Health by 1.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after purchasing an additional 27 shares in the last quarter. Hemington Wealth Management increased its stake in Elevance Health by 13.3% during the 1st quarter. Hemington Wealth Management now owns 230 shares of the company's stock worth $100,000 after buying an additional 27 shares during the period. Aspen Investment Management Inc boosted its holdings in Elevance Health by 2.6% in the first quarter. Aspen Investment Management Inc now owns 1,048 shares of the company's stock valued at $456,000 after purchasing an additional 27 shares during the last quarter. Finally, Prudent Man Advisors LLC increased its holdings in Elevance Health by 2.3% during the 1st quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company's stock worth $547,000 after purchasing an additional 28 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Down 0.9%

Shares of ELV opened at $350.77 on Wednesday. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The company has a 50-day moving average price of $324.38 and a two-hundred day moving average price of $354.59. The stock has a market cap of $78.99 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 1.29 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.03 by $1.00. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The business had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. During the same quarter in the previous year, the firm earned $8.37 EPS. Elevance Health's quarterly revenue was up 12.0% on a year-over-year basis. Equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, December 5th. Elevance Health's dividend payout ratio is presently 29.11%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ELV. Bank of America upped their target price on shares of Elevance Health from $330.00 to $370.00 and gave the company a "neutral" rating in a research note on Friday, October 10th. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Leerink Partners reissued a "market perform" rating and set a $310.00 price target (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. UBS Group lowered their target price on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a research note on Friday, September 5th. Finally, Morgan Stanley lifted their price target on shares of Elevance Health from $316.00 to $359.00 and gave the company an "equal weight" rating in a report on Tuesday, October 14th. Ten research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $399.47.

Insider Buying and Selling

In related news, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction on Tuesday, August 19th. The stock was purchased at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, the director owned 3,502 shares of the company's stock, valued at $1,093,149.30. The trade was a 52.13% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

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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