HB Wealth Management LLC Raises Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• HB Wealth Management increased its Elevance Health stake by 15.1% in the second quarter, bringing its holdings to 23,866 shares valued at approximately $9.23 million. Institutional investors and hedge funds collectively own 89.24% of the company.
• Elevance Health exceeded quarterly expectations, reporting adjusted earnings of $7.45 per share versus the $6.21 consensus estimate and revenue of $49.83 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90.
• The company declared a quarterly dividend of $1.72 per share, equivalent to an annualized $6.88 payout and a 1.7% yield. A director separately sold 151 shares, while insiders own 0.34% of the stock.

HB Wealth Management LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 15.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,866 shares of the company's stock after buying an additional 3,138 shares during the quarter. HB Wealth Management LLC's holdings in Elevance Health were worth $9,230,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Saudi Central Bank lifted its holdings in Elevance Health by 87.5% during the second quarter. Saudi Central Bank now owns 15,377 shares of the company's stock valued at $5,947,000 after purchasing an additional 7,174 shares in the last quarter. Compass Financial Management LLC purchased a new stake in shares of Elevance Health during the second quarter worth about $117,000. NBH Bank purchased a new stake in shares of Elevance Health during the second quarter worth about $93,000. AlphaGrep UK Ltd acquired a new position in shares of Elevance Health during the 2nd quarter worth about $720,000. Finally, Old Mission Investment Co LLC acquired a new position in shares of Elevance Health during the 2nd quarter worth about $222,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In related news, Director Robert Dixon, Jr. sold 151 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the sale, the director owned 10,734 shares of the company's stock, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.34% of the company's stock.

Elevance Health Price Performance

ELV stock opened at $407.05 on Monday. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The firm has a market capitalization of $88.28 billion, a PE ratio of 18.09, a price-to-earnings-growth ratio of 2.12 and a beta of 0.69. The business has a 50 day simple moving average of $396.72 and a 200-day simple moving average of $364.70.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm's revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business posted $8.84 earnings per share. Equities research analysts anticipate that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health's payout ratio is presently 30.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Barclays reduced their target price on Elevance Health from $480.00 to $457.00 and set an "overweight" rating for the company in a report on Thursday, July 16th. Wells Fargo & Company reduced their price objective on Elevance Health from $492.00 to $473.00 and set an "overweight" rating for the company in a research note on Thursday, July 16th. Bank of America raised their price objective on Elevance Health from $435.00 to $460.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Evercore reaffirmed a "hold" rating on shares of Elevance Health in a research note on Tuesday, May 19th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Elevance Health in a report on Thursday, August 13th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $440.90.

About Elevance Health

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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