Pallas Capital Advisors LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 3,588 shares of the company's stock, valued at approximately $1,561,000.
A number of other institutional investors have also added to or reduced their stakes in the business. Accredited Wealth Management LLC purchased a new position in Elevance Health during the fourth quarter valued at approximately $25,000. Flagship Wealth Advisors LLC bought a new stake in Elevance Health during the 4th quarter valued at $26,000. Riverview Trust Co increased its holdings in shares of 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 period. WealthTrak Capital Management LLC bought a new position in shares of Elevance Health in the 4th quarter worth $29,000. Finally, Lee Danner & Bass Inc. purchased a new stake in shares of Elevance Health during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 89.24% of the company's stock.
Insider Activity
In related news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the transaction, the chief financial officer now directly owns 18,977 shares of the company's stock, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.29% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on ELV. Argus set a $465.00 target price on shares of Elevance Health in a report on Friday, April 25th. Robert W. Baird reaffirmed a "neutral" rating and issued a $529.00 price objective (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Mizuho increased their target price on shares of Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research report on Wednesday, April 9th. Wall Street Zen upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. Finally, Baird R W downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $498.87.
Read Our Latest Research Report on Elevance Health
Elevance Health Stock Performance
Elevance Health stock traded down $5.64 during midday trading on Tuesday, hitting $383.97. 1,676,837 shares of the company were exchanged, compared to its average volume of 1,551,731. The business has a fifty day simple moving average of $408.71 and a two-hundred day simple moving average of $400.71. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The firm has a market capitalization of $86.75 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.18 and a beta of 0.60. Elevance Health, Inc. has a fifty-two week low of $357.45 and a fifty-two week high of $567.26.
Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The firm had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. On average, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.
Elevance Health Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's payout ratio is 26.69%.
Elevance Health Company Profile
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Free Report)
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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