Smith Salley Wealth Management Buys 977 Shares of Elevance Health, Inc. $ELV

Key Points

• Smith Salley Wealth Management increased its ownership in Elevance Health, Inc. by 3.2%, acquiring an additional 977 shares during the second quarter, bringing its total holdings to $12.3 million.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock, raising her stake by 5.96%, while Director Susan D. Devore acquired 1,200 shares, marking a 52.13% increase in her position.
• Analysts have notably revised their price targets for Elevance Health, with UBS Group setting a new target of $425.00 and Morgan Stanley lowering their target from $428.00 to $316.00.

Smith Salley Wealth Management raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 3.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,626 shares of the company's stock after acquiring an additional 977 shares during the period. Smith Salley Wealth Management's holdings in Elevance Health were worth $12,301,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Milestone Asset Management LLC boosted its stake in Elevance Health by 2.2% during the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock worth $488,000 after buying an additional 24 shares during the period. GLOBALT Investments LLC GA boosted its position in Elevance Health by 0.4% in the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after buying an additional 24 shares during the last quarter. Elser Financial Planning Inc lifted its holdings in Elevance Health by 3.0% in the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock worth $384,000 after acquiring an additional 26 shares during the last quarter. Checchi Capital Advisers LLC increased its stake in Elevance Health by 1.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after buying an additional 27 shares during the period. Finally, Hemington Wealth Management lifted its stake in Elevance Health by 13.3% during the first quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after buying an additional 27 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction on Friday, July 18th. The shares were acquired at an average cost 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. This trade represents a 5.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Susan D. Devore acquired 1,200 shares of Elevance Health stock in a transaction on Tuesday, August 19th. The stock was purchased at an average price of $312.15 per share, with a total value of $374,580.00. Following the purchase, the director owned 3,502 shares of the company's stock, valued at $1,093,149.30. The trade was a 52.13% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. UBS Group reduced their price objective on Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a report on Friday, September 5th. Leerink Partners reissued a "market perform" rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Morgan Stanley reduced their target price on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Wells Fargo & Company dropped their price target on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, August 15th. Finally, Argus reaffirmed a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $411.06.

Elevance Health Stock Performance

ELV stock opened at $318.13 on Friday. The stock's fifty day moving average is $303.14 and its two-hundred day moving average is $364.47. The stock has a market capitalization of $71.64 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.17 and a beta of 0.59. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $528.52. 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 posted its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). The company had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.12 earnings per share. On average, research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

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

Elevance Health 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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