Sequoia Financial Advisors LLC Buys 9,807 Shares of Elevance Health, Inc. $ELV

Key Points

• Sequoia Financial Advisors increased its Elevance Health stake by 148% in the second quarter, purchasing 9,807 additional shares and bringing its holdings to 16,432 shares valued at approximately $6.36 million.
• Elevance Health reported quarterly earnings of $7.45 per share, exceeding estimates of $6.21, while revenue reached $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, equivalent to a 1.6% annual yield.
• Analysts maintain a “Moderate Buy” consensus on ELV, with 15 Buy ratings and eight Holds and an average price target of $440.90; shares recently traded at $418.42.

Sequoia Financial Advisors LLC increased its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 148.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,432 shares of the company's stock after buying an additional 9,807 shares during the period. Sequoia Financial Advisors LLC's holdings in Elevance Health were worth $6,355,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ELV. Kilter Group LLC bought a new stake in shares of Elevance Health in the 2nd quarter valued at $28,000. Kemnay Advisory Services Inc. acquired a new position in Elevance Health during the 4th quarter valued at about $31,000. J.Safra Asset Management Corp purchased a new stake in Elevance Health in the 4th quarter valued at $32,000. WealthCollab LLC boosted its holdings in Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after acquiring an additional 27 shares during the last quarter. Finally, Elevation Wealth Partners LLC grew its position in Elevance Health by 600.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company's stock worth $41,000 after purchasing an additional 90 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Up 0.5%

Shares of NYSE ELV opened at $418.42 on Friday. The firm's fifty day moving average is $397.07 and its 200 day moving average is $366.77. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The company has a market cap of $90.74 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 2.17 and a beta of 0.69. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. The company had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. Elevance Health's revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the business posted $8.84 earnings per share. On average, equities research analysts expect that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be paid a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health's dividend payout ratio is presently 30.58%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Evercore restated a "hold" rating on shares of Elevance Health in a research note on Tuesday, May 19th. Guggenheim lifted their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Mizuho lifted their target price on Elevance Health from $435.00 to $465.00 and gave the company an "outperform" rating in a report on Monday, June 8th. UBS Group boosted their price target on shares of Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Company decreased their price objective on shares of Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock in a research report on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $440.90.

Elevance Health Company Profile

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.

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