Patriot Financial Group Insurance Agency LLC Acquires 1,293 Shares of Elevance Health, Inc. (NYSE:ELV)

Patriot Financial Group Insurance Agency LLC grew its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 28.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,783 shares of the company's stock after acquiring an additional 1,293 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in Elevance Health were worth $2,515,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Accredited Wealth Management LLC bought a new position in Elevance Health in the fourth quarter valued at approximately $25,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Elevance Health in the 4th quarter valued at approximately $26,000. Riverview Trust Co grew its stake in shares of Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after buying an additional 67 shares in the last quarter. WealthTrak Capital Management LLC bought a new position in shares of Elevance Health in the fourth quarter valued at $29,000. Finally, Lee Danner & Bass Inc. acquired a new position in Elevance Health during the fourth quarter worth $30,000. Institutional investors own 89.24% of the company's stock.

Elevance Health Price Performance

NYSE:ELV opened at $393.70 on Friday. Elevance Health, Inc. has a 52 week low of $357.45 and a 52 week high of $567.26. 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's 50-day simple moving average is $409.50 and its 200 day simple moving average is $400.82. The firm has a market cap of $88.95 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.18 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last announced its 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 analyst estimates of $46.26 billion. As a group, sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's dividend payout ratio (DPR) is currently 26.69%.

Wall Street Analyst Weigh In

ELV has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Truist Financial raised their target price on shares of Elevance Health from $480.00 to $510.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Barclays lowered their price target on Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a research report on Monday, June 2nd. Royal Bank of Canada restated an "outperform" rating and issued a $478.00 price objective on shares of Elevance Health in a research note on Wednesday. Finally, Baird R W cut Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $499.53.

Insider Buying and Selling

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at $766,745.11. The trade was a 19.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is owned by company insiders.

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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