ProVise Management Group LLC Has $8.81 Million Holdings 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 boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 18.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,247 shares of the company's stock after buying 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 quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ELV. Accredited Wealth Management LLC acquired a new position in shares of Elevance Health in the 4th quarter valued at about $25,000. Private Wealth Management Group LLC grew its stake in Elevance Health by 152.0% during the first 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 period. Riverview Trust Co increased its holdings in Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after purchasing an additional 67 shares in the last quarter. North Capital Inc. acquired a new position in Elevance Health in the first quarter valued at approximately $36,000. Finally, Orion Capital Management LLC bought a new position in shares of Elevance Health during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ELV. Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Mizuho lifted their price target on shares of Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Royal Bank Of Canada restated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Finally, Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $418.19.

Insider Activity at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of the business's stock in a transaction on Friday, July 18th. The shares were acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.29% of the company's stock.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $283.04 on Friday. Elevance Health, Inc. has a 1-year low of $274.40 and a 1-year high of $567.26. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock has a market cap of $63.73 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 1.08 and a beta of 0.60. The stock's fifty day simple moving average is $351.82 and its two-hundred day simple moving average is $389.87.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results 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). 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 for the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter last year, the firm posted $10.12 earnings per share. The firm's revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

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 given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

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.

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