Stratos Wealth Partners LTD. Trims Stock Position in Elevance Health, Inc. $ELV

Key Points

• Stratos Wealth Partners LTD. has reduced its position in Elevance Health, Inc. by 28.8% in the second quarter, owning 2,019 shares worth $786,000.
• A director of Elevance Health, Susan D. Devore, purchased 1,200 shares at an average price of $312.15, increasing their ownership by 52.13%.
• Elevance Health recently posted quarterly earnings of $6.03 EPS, exceeding expectations and marking a 12.0% increase in revenue year-over-year.

Stratos Wealth Partners LTD. reduced its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 28.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,019 shares of the company's stock after selling 818 shares during the quarter. Stratos Wealth Partners LTD.'s holdings in Elevance Health were worth $786,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Verdence Capital Advisors LLC boosted its holdings in Elevance Health by 3.9% in the second quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company's stock worth $8,251,000 after acquiring an additional 790 shares in the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Elevance Health by 11.3% in the second quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company's stock worth $3,125,000 after purchasing an additional 817 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Elevance Health by 4.6% during the first quarter. Focus Partners Wealth now owns 22,446 shares of the company's stock worth $9,764,000 after purchasing an additional 982 shares during the period. Asio Capital LLC lifted its stake in Elevance Health by 7.1% during the 2nd quarter. Asio Capital LLC now owns 15,371 shares of the company's stock valued at $5,979,000 after acquiring an additional 1,015 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Elevance Health by 88.1% in the first quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock valued at $1,475,000 after purchasing an additional 1,588 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Activity at Elevance Health

In other news, Director Susan D. Devore bought 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 completion of the acquisition, the director directly owned 3,502 shares of the company's stock, valued at $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is owned by insiders.

Elevance Health Price Performance

Elevance Health stock opened at $344.88 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The company's fifty day moving average price is $325.40 and its 200 day moving average price is $354.52. The stock has a market capitalization of $77.66 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.28 and a beta of 0.59. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $458.75.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00. The business had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.31%. The company's revenue was up 12.0% compared to the same quarter last year. During the same period last year, the firm posted $8.37 earnings per share. As a group, equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, December 5th. Elevance Health's payout ratio is 29.11%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ELV. Morgan Stanley boosted their price objective on Elevance Health from $316.00 to $359.00 and gave the company an "equal weight" rating in a report on Tuesday, October 14th. Sanford C. Bernstein lowered their price objective on Elevance Health from $445.00 to $420.00 and set an "outperform" rating on the stock in a research report on Thursday, October 16th. Bank of America lifted their target price on shares of Elevance Health from $330.00 to $370.00 and gave the company a "neutral" rating in a report on Friday, October 10th. JPMorgan Chase & Co. decreased their target price on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research note on Tuesday, July 22nd. Finally, Barclays dropped their price target on shares of Elevance Health from $395.00 to $385.00 and set an "overweight" rating on the stock in a research report on Wednesday. Ten investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $398.94.

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.

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