Elevance Health, Inc. $ELV Shares Purchased by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in Elevance Health, acquiring an additional 24,656 shares, bringing their total ownership to approximately 265,594 shares valued at $115.52 million.
• Elevance Health recently declared a quarterly dividend of $1.71 per share, resulting in an annualized dividend yield of 2.2%.
• The company reported quarterly revenue of $49.42 billion, exceeding estimates, but earnings per share at $8.84 fell short of the $9.30 consensus forecast.

Raymond James Financial Inc. lifted its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 10.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 265,594 shares of the company's stock after purchasing an additional 24,656 shares during the period. Raymond James Financial Inc. owned about 0.12% of Elevance Health worth $115,522,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ELV. Accredited Wealth Management LLC acquired a new stake in shares of Elevance Health during the fourth quarter worth about $25,000. Private Wealth Management Group LLC increased its position in shares of 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 in the last quarter. Riverview Trust Co increased its position in shares of Elevance Health by 1,340.0% during 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 stake in shares of Elevance Health during the first quarter worth about $36,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Elevance Health during the fourth quarter worth about $39,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on ELV shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $478.00 target price on shares of Elevance Health in a research report on Wednesday, June 4th. Robert W. Baird lowered their price target on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Barclays lowered their price target on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. 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. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $413.81.

Elevance Health Stock Performance

ELV traded up $6.2370 during trading on Friday, reaching $315.8370. The company's stock had a trading volume of 2,961,044 shares, compared to its average volume of 2,567,187. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $567.26. The company's fifty day moving average price is $324.18 and its 200-day moving average price is $378.71. The company has a market capitalization of $71.12 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 1.13 and a beta of 0.58. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44.

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 for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the prior year, the firm posted $10.12 EPS. Elevance Health's revenue for the quarter was up 14.3% compared to the same quarter last year. On average, equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is currently 29.11%.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction dated 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 purchase, the chief executive officer directly owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Susan D. Devore purchased 1,200 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by 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.