Pacific Capital Partners Ltd Buys New Holdings in Elevance Health, Inc. (NYSE:ELV)

Pacific Capital Partners Ltd acquired a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 12,500 shares of the company's stock, valued at approximately $5,437,000. Elevance Health comprises about 3.4% of Pacific Capital Partners Ltd's holdings, making the stock its 13th largest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Private Wealth Management Group LLC grew its position in Elevance Health by 152.0% during the 1st 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. Accredited Wealth Management LLC purchased a new stake in Elevance Health during the 4th quarter worth approximately $25,000. Riverview Trust Co grew its position in Elevance Health by 1,340.0% during the 1st 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. North Capital Inc. purchased a new stake in Elevance Health during the 1st quarter worth approximately $36,000. Finally, Berbice Capital Management LLC purchased a new stake in Elevance Health during the 1st quarter worth approximately $43,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ELV shares. Mizuho boosted their target price on shares of Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 9th. Argus reiterated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Morgan Stanley decreased their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. UBS Group reiterated a "buy" rating and issued a $484.00 target price (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $418.19.

Insiders Place Their Bets

In other news, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction that occurred on Friday, July 18th. The shares were purchased at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is currently owned by company insiders.

Elevance Health Stock Down 3.2%

Shares of ELV traded down $8.98 during mid-day trading on Friday, hitting $274.10. 3,380,911 shares of the company's stock were exchanged, compared to its average volume of 1,939,330. The company has a market cap of $61.72 billion, a price-to-earnings ratio of 11.66, a P/E/G ratio of 1.08 and a beta of 0.60. Elevance Health, Inc. has a fifty-two week low of $273.84 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The stock's 50-day moving average is $351.82 and its 200-day moving average is $389.87.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business had revenue of $49.42 billion for the quarter, compared to analyst estimates 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 for the quarter was up 14.3% compared to the same quarter last year. During the same period in the prior year, the company posted $10.12 EPS. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced 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 of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.5%. Elevance Health's dividend payout ratio (DPR) is 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.