ProVise Management Group LLC Increases Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• ProVise Management Group LLC increased its holdings in Elevance Health, Inc. by 18.1%, owning 20,247 shares valued at approximately $8.81 million as of the end of the last quarter.
• CEO Gail Boudreaux purchased 8,500 shares at an average price of $286.94 per share, reflecting a nearly 6% increase in her ownership stake in the company.
• Elevance Health reported $8.84 earnings per share for the last quarter, missing the consensus estimate, despite a revenue increase of 14.3% compared to the previous year.

ProVise Management Group LLC raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 18.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 20,247 shares of the company's stock after purchasing an additional 3,104 shares during the period. ProVise Management Group LLC's holdings in Elevance Health were worth $8,807,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. CWA Asset Management Group LLC acquired a new position in shares of Elevance Health in the 1st quarter valued at $299,000. GAMMA Investing LLC boosted its position in shares of Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock valued at $1,475,000 after acquiring an additional 1,588 shares during the last quarter. Ritholtz Wealth Management lifted its position in Elevance Health by 185.7% in the first quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock valued at $1,341,000 after buying an additional 2,004 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in Elevance Health by 15.7% in the first quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock valued at $2,922,000 after acquiring an additional 913 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Elevance Health by 36.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock valued at $11,991,000 after acquiring an additional 7,410 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux acquired 8,500 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, with a total value 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 trade represents a 5.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.29% of the company's stock.

Elevance Health Stock Up 1.0%

ELV traded up $2.75 during trading on Tuesday, hitting $277.68. 995,270 shares of the company's stock traded hands, compared to its average volume of 1,942,322. The company's 50 day simple moving average is $347.91 and its two-hundred day simple moving average is $388.32. The stock has a market capitalization of $62.53 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.01 and a beta of 0.58. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 12-month low of $273.84 and a 12-month high of $567.26.

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 (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The firm had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same period in the previous year, the business earned $10.12 EPS. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. Analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 29.11%.

Analysts Set New Price Targets

A number of brokerages have recently commented on ELV. JPMorgan Chase & Co. cut their target price on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Robert W. Baird decreased their price target on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Truist Financial dropped their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Finally, Morgan Stanley lowered their price target on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $418.19.

Elevance Health Company 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.