Syntax Research Inc. Makes New $1.17 Million Investment in Elevance Health, Inc. $ELV

Key Points

• Syntax Research Inc. has made a new investment of approximately $1.17 million in Elevance Health, acquiring 3,000 shares.
• Elevance Health's stock has faced downgrades from several brokerages, with target prices being adjusted downward, indicating mixed sentiment on its current valuation.
• The company recently announced a quarterly dividend of $1.71 per share, representing an annualized dividend yield of 2.0%.

Syntax Research Inc. purchased a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,000 shares of the company's stock, valued at approximately $1,167,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWA Asset Management Group LLC acquired a new stake in shares of Elevance Health in the first quarter valued at about $299,000. Focus Partners Wealth grew its position in shares of Elevance Health by 4.6% in the first quarter. Focus Partners Wealth now owns 22,446 shares of the company's stock valued at $9,764,000 after purchasing an additional 982 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position 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 valued at $3,125,000 after purchasing an additional 817 shares during the last quarter. GAMMA Investing LLC grew its position in shares of 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. Finally, Ransom Advisory Ltd acquired a new stake in shares of Elevance Health in the first quarter valued at about $522,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ELV. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Truist Financial reduced their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, August 15th. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Morgan Stanley reduced their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $411.06.

Elevance Health Stock Up 2.3%

Shares of ELV opened at $340.18 on Friday. The stock has a market cap of $76.60 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 1.22 and a beta of 0.59. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $510.24. The company has a 50-day moving average price of $306.74 and a two-hundred day moving average price of $362.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The business had revenue of $49.42 billion for 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 EPS. Equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company 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. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.0%. Elevance Health's payout ratio is 29.11%.

Insider Activity at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction dated 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 acquisition, the chief executive officer directly owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by insiders.

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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