Heritage Wealth Advisors Has $1.22 Million Holdings in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Heritage Wealth Advisors reduced its stake in Elevance Health by 34.3%, selling 1,459 shares during Q1, leaving them with 2,793 shares valued at approximately $1,215,000.
• Elevance Health reported $8.84 EPS for the most recent quarter, missing the consensus estimate by $0.46, despite a revenue of $49.42 billion, surpassing projections.
• The company will pay a quarterly dividend of $1.71 per share on September 25th, with a 2.4% yield based on an annualized dividend payout ratio of 29.11%.

Heritage Wealth Advisors lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 34.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,793 shares of the company's stock after selling 1,459 shares during the quarter. Heritage Wealth Advisors' holdings in Elevance Health were worth $1,215,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Accredited Wealth Management LLC acquired a new position in shares of Elevance Health in the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC raised its stake in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. Riverview Trust Co raised its stake in Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after acquiring an additional 67 shares in the last quarter. North Capital Inc. bought a new stake in shares of Elevance Health in the 1st quarter worth $36,000. Finally, Orion Capital Management LLC bought a new stake in shares of Elevance Health in the 4th quarter worth $39,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Price Performance

Shares of ELV stock traded up $2.79 during trading hours on Tuesday, hitting $277.72. The company had a trading volume of 1,025,953 shares, compared to its average volume of 1,942,858. Elevance Health, Inc. has a 12 month low of $273.84 and a 12 month high of $567.26. The firm has a market capitalization of $62.54 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 1.01 and a beta of 0.58. The firm's fifty day moving average is $347.91 and its 200 day moving average is $388.32. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44.

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

Elevance Health Dividend Announcement

The company also recently disclosed 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. This represents a $6.84 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ELV. Cantor Fitzgerald restated an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Barclays lowered their target price on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Truist Financial lowered their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Mizuho boosted their price target on Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 9th. Finally, Leerink Partners reissued a "market perform" rating and set a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $418.19.

Insider Buying and Selling

In other news, CEO Gail Boudreaux acquired 8,500 shares of the firm's stock in a transaction on Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.29% of the company's stock.

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.