NewEdge Advisors LLC Increases Position in Elevance Health, Inc. $ELV

Key Points

• NewEdge Advisors LLC increased its stake in Elevance Health, Inc. by 22.2%, acquiring an additional 2,531 shares, bringing their total holding to 13,912 shares worth $6,051,000 as of the end of Q1.
• CEO Gail Boudreaux purchased 8,500 shares at $286.94 each, increasing her total holdings to approximately $43.3 million, while Director Susan D. Devore increased her stake by 52.13% with her purchase.
• The company missed earnings expectations with reported EPS of $8.84, below the consensus of $9.30, despite achieving overall revenues of $49.42 billion, which exceeded forecasts.

NewEdge Advisors LLC increased its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 22.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,912 shares of the company's stock after purchasing an additional 2,531 shares during the quarter. NewEdge Advisors LLC's holdings in Elevance Health were worth $6,051,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Private Wealth Management Group LLC grew its stake in Elevance Health by 152.0% in 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 during the last quarter. WPG Advisers LLC acquired a new stake in Elevance Health in the 1st quarter valued at about $29,000. Riverview Trust Co grew its stake in Elevance Health by 1,340.0% in 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 during the last quarter. North Capital Inc. acquired a new stake in Elevance Health in the 1st quarter valued at about $36,000. Finally, Orion Capital Management LLC acquired a new stake in Elevance Health in the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Activity at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were purchased at an average price 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 of the company's stock, valued at approximately $43,333,678.80. This represents a 5.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan D. Devore purchased 1,200 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the acquisition, the director directly owned 3,502 shares of the company's stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company's stock.

Elevance Health Trading Up 1.9%

Shares of ELV stock opened at $313.79 on Monday. The firm has a market cap of $70.66 billion, a P/E ratio of 13.35, a PEG ratio of 1.15 and a beta of 0.59. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $559.95. 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's 50-day simple moving average is $312.04 and its 200-day simple moving average is $373.20.

Elevance Health (NYSE:ELV - Get Free Report) last announced 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). The company had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The company's revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $10.12 earnings per share. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Analysts Set New Price Targets

ELV has been the topic of a number of research reports. Robert W. Baird lowered their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Morgan Stanley lowered their price objective on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Leerink Partnrs cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Guggenheim decreased their price target on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $411.06.

About Elevance Health

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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