Simplicity Wealth LLC Purchases 2,144 Shares of Elevance Health, Inc. $ELV

Key Points

• Simplicity Wealth LLC increased its holdings in Elevance Health, Inc. by 62.7%, acquiring an additional 2,144 shares, bringing its total ownership to 5,566 shares valued at approximately $2.165 million.
• Elevance Health reported a quarterly earnings per share of $8.84, which missed consensus estimates, despite a revenue of $49.42 billion that exceeded predictions.
• The company recently announced a quarterly dividend of $1.71 per share, with an annualized yield of 1.9%, reflecting a healthy payout ratio of 29.11%.

Simplicity Wealth LLC grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 62.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,566 shares of the company's stock after acquiring an additional 2,144 shares during the period. Simplicity Wealth LLC's holdings in Elevance Health were worth $2,165,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ELV. Private Wealth Management Group LLC increased its stake in shares of Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. WPG Advisers LLC acquired a new stake in Elevance Health in the first quarter worth $29,000. North Capital Inc. acquired a new stake in Elevance Health in the first quarter worth $36,000. Saudi Central Bank bought a new stake in Elevance Health in the first quarter valued at $40,000. Finally, Berbice Capital Management LLC acquired a new position in shares of Elevance Health during the first quarter valued at about $43,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Trading Up 3.2%

Shares of Elevance Health stock opened at $351.11 on Monday. The company has a market capitalization of $79.06 billion, a P/E ratio of 14.94, a price-to-earnings-growth ratio of 1.28 and a beta of 0.59. The stock has a fifty day simple moving average of $307.98 and a 200 day simple moving average of $360.68. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $510.24. 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 (NYSE:ELV - Get Free Report) last issued its quarterly earnings data 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 net margin of 2.83% and a return on equity of 17.59%. The company had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter last year, the business posted $10.12 earnings per share. Elevance Health's revenue was up 14.3% on a year-over-year basis. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of research analyst reports. Barclays boosted their target price on Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a research report on Thursday, September 4th. Morgan Stanley reduced their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. UBS Group lowered their target price on Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research report on Friday, September 5th. Leerink Partners reissued a "market perform" rating and issued a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Finally, Truist Financial lowered their price objective on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Twelve equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $411.06.

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. Also, Director Susan D. Devore acquired 1,200 shares of Elevance Health stock in a transaction on Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, with a total value 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 trade represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

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.

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