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Synergy Asset Management LLC Acquires Shares of 2,061 Elevance Health, Inc. (NYSE:ELV)

Elevance Health logo with Medical background

Synergy Asset Management LLC bought a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,061 shares of the company's stock, valued at approximately $896,000.

Several other hedge funds have also modified their holdings of ELV. Vanguard Group Inc. boosted its stake in shares of Elevance Health by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company's stock valued at $7,926,028,000 after buying an additional 138,380 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Elevance Health by 4.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock valued at $3,917,004,000 after purchasing an additional 464,137 shares during the period. Wellington Management Group LLP increased its position in Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after acquiring an additional 1,893,947 shares during the period. Geode Capital Management LLC grew its stake in shares of Elevance Health by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company's stock worth $1,826,447,000 after purchasing an additional 115,971 shares in the last quarter. Finally, Sanders Capital LLC increased its holdings in shares of Elevance Health by 1.7% during the fourth quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock valued at $1,728,722,000 after purchasing an additional 76,896 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ELV shares. Argus set a $465.00 target price on Elevance Health in a report on Friday, April 25th. Wall Street Zen upgraded Elevance Health from a "hold" rating to a "buy" rating in a research report on Thursday, March 20th. Barclays decreased their price objective on Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a report on Monday, June 2nd. Truist Financial set a $500.00 price target on Elevance Health and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, Guggenheim reiterated a "buy" rating and set a $518.00 price objective on shares of Elevance Health in a research note on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $498.87.

Get Our Latest Research Report on Elevance Health

Insiders Place Their Bets

In other news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the sale, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company's stock.

Elevance Health Trading Down 0.6%

ELV stock traded down $2.19 during midday trading on Wednesday, hitting $374.23. 1,228,428 shares of the company's stock were exchanged, compared to its average volume of 1,574,545. Elevance Health, Inc. has a one year low of $357.45 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market cap of $84.55 billion, a PE ratio of 14.60, a price-to-earnings-growth ratio of 0.96 and a beta of 0.60. The stock's fifty day moving average price is $396.08 and its 200-day moving average price is $398.93.

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

Elevance Health Announces Dividend

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

About Elevance Health

(Free Report)

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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Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

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