HB Wealth Management LLC Has $8.46 Million Holdings in Elevance Health, Inc. $ELV

Key Points

• HB Wealth Management LLC has increased its holdings in Elevance Health, Inc. by 8.1%, owning 21,747 shares valued at $8.46 million as of the latest SEC filing.
• A variety of institutional investors, including Milestone Asset Management and GLOBALT Investments, have also boosted their stakes in Elevance Health, indicating strong interest from the sector with 89.24% of the stock owned by institutional investors.
• Analysts have mixed opinions on Elevance Health with target price estimates ranging from $297 to $492, yet it holds a consensus rating of "Moderate Buy" with an average target price of $411.06.

HB Wealth Management LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 8.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,747 shares of the company's stock after purchasing an additional 1,629 shares during the quarter. HB Wealth Management LLC's holdings in Elevance Health were worth $8,459,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of ELV. Milestone Asset Management LLC boosted its stake in Elevance Health by 2.2% in the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after acquiring an additional 24 shares during the last quarter. GLOBALT Investments LLC GA boosted its position in shares of 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 purchasing an additional 24 shares during the last quarter. Elser Financial Planning Inc grew its stake in shares of Elevance Health by 3.0% during the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock worth $384,000 after purchasing an additional 26 shares during the period. Checchi Capital Advisers LLC increased its holdings in Elevance Health by 1.0% in the first 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 during the last quarter. Finally, Hemington Wealth Management lifted its stake in Elevance Health by 13.3% in the first quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after buying an additional 27 shares during the period. 89.24% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Susan D. Devore bought 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the transaction, the director 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction that occurred on Friday, July 18th. The shares were bought at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. The trade was 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 company insiders.

Wall Street Analysts Forecast Growth

ELV has been the subject of several analyst reports. 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. Barclays upped their target price on shares of Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a research note on Thursday, September 4th. JPMorgan Chase & Co. reduced their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Morgan Stanley decreased their price target on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Finally, Robert W. Baird dropped their price objective on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Elevance Health has a consensus rating of "Moderate Buy" and an average target price of $411.06.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $322.89 on Wednesday. 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 cap of $72.71 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 1.17 and a beta of 0.59. The stock's 50-day moving average is $304.83 and its 200-day moving average is $363.10. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $524.68.

Elevance Health (NYSE:ELV - Get Free Report) last announced 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). The firm had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm's quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business posted $10.12 EPS. Equities analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were issued a dividend of $1.71 per share. 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 presently 29.11%.

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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