HB Wealth Management LLC Has $8.75 Million Holdings in Elevance Health, Inc. (NYSE:ELV)

Key Points

• HB Wealth Management LLC increased its stake in Elevance Health, Inc. by 34.6%, acquiring an additional 5,167 shares during the first quarter, bringing its total holdings to 20,118 shares valued at $8,751,000.
• Elevance Health reported earnings of $8.84 per share for the last quarter, missing analyst estimates of $9.30, while revenue increased by 14.3% year-over-year to $49.42 billion.
• The company declared a quarterly dividend of $1.71, resulting in a yield of 2.37%, with the dividend set to be paid on September 25th to investors of record on September 10th.

HB Wealth Management LLC raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 34.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,118 shares of the company's stock after purchasing an additional 5,167 shares during the quarter. HB Wealth Management LLC's holdings in Elevance Health were worth $8,751,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Accredited Wealth Management LLC bought a new position in shares of Elevance Health during the fourth quarter worth about $25,000. Private Wealth Management Group LLC lifted its position in shares of Elevance Health by 152.0% during the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after purchasing an additional 38 shares during the last quarter. WealthTrak Capital Management LLC bought a new position in shares of Elevance Health during the fourth quarter worth about $29,000. Riverview Trust Co lifted its position in shares of Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after purchasing an additional 67 shares during the last quarter. Finally, North Capital Inc. bought a new position in shares of Elevance Health during the first quarter worth about $36,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

ELV traded up $1.38 on Wednesday, hitting $290.11. 618,725 shares of the stock were exchanged, compared to its average volume of 1,909,171. Elevance Health, Inc. has a 12 month low of $274.40 and a 12 month high of $567.26. The business has a 50-day moving average of $355.96 and a two-hundred day moving average of $391.33. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a market capitalization of $65.33 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 1.05 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The firm had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. During the same period in the prior year, the company earned $10.12 EPS. The company's revenue for the quarter was up 14.3% compared to the same quarter last year. Sell-side analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.36%. Elevance Health's dividend payout ratio is currently 29.11%.

Analysts Set New Price Targets

A number of equities analysts have commented on ELV shares. Wall Street Zen downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. JPMorgan Chase & Co. dropped their price objective on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 22nd. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Baird R W lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Finally, Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $418.19.

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The shares were bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the acquisition, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.29% of the company's stock.

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.