Ritholtz Wealth Management Purchases 2,004 Shares of Elevance Health, Inc. (NYSE:ELV)

Ritholtz Wealth Management boosted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 185.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,083 shares of the company's stock after acquiring an additional 2,004 shares during the period. Ritholtz Wealth Management's holdings in Elevance Health were worth $1,341,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC raised its position in Elevance Health by 82.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company's stock valued at $276,073,000 after purchasing an additional 326,543 shares during the period. VELA Investment Management LLC raised its position in Elevance Health by 101.6% in the fourth quarter. VELA Investment Management LLC now owns 2,074 shares of the company's stock valued at $765,000 after purchasing an additional 1,045 shares during the period. Mn Services Vermogensbeheer B.V. raised its position in Elevance Health by 2.5% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 93,000 shares of the company's stock valued at $34,308,000 after purchasing an additional 2,300 shares during the period. Allworth Financial LP raised its position in Elevance Health by 103.9% in the fourth quarter. Allworth Financial LP now owns 2,688 shares of the company's stock valued at $1,050,000 after purchasing an additional 1,370 shares during the period. Finally, Van ECK Associates Corp raised its position in Elevance Health by 16.4% in the fourth quarter. Van ECK Associates Corp now owns 14,884 shares of the company's stock valued at $5,491,000 after purchasing an additional 2,102 shares during the period. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

Shares of NYSE ELV traded down $2.20 during trading hours on Friday, hitting $373.71. 2,939,325 shares of the stock were exchanged, compared to its average volume of 1,570,419. The company's 50 day moving average is $398.68 and its 200 day moving average is $399.11. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. Elevance Health, Inc. has a one year low of $357.45 and a one year high of $567.26. The firm has a market capitalization of $84.43 billion, a P/E ratio of 14.58, a P/E/G ratio of 0.95 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The company had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. On average, research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.69%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Baird R W lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Cantor Fitzgerald reiterated an "overweight" rating and set a $485.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Guggenheim reiterated a "buy" rating and set a $518.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Barclays decreased their price objective on shares of Elevance Health from $522.00 to $480.00 and set an "overweight" rating for the company in a research note on Monday, June 2nd. Finally, Wall Street Zen upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. 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.com, Elevance Health presently has a consensus rating of "Moderate Buy" and a consensus target price of $498.87.

Insiders Place Their Bets

In related news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer now 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 legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.29% of the company's stock.

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.