Tocqueville Asset Management L.P. reduced its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 70.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,716 shares of the company's stock after selling 6,455 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in Elevance Health were worth $1,181,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Accredited Wealth Management LLC bought a new position in shares of Elevance Health in the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC raised its stake in Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Riverview Trust Co raised its stake in Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares in the last quarter. North Capital Inc. purchased a new stake in Elevance Health in the first quarter valued at approximately $36,000. Finally, Orion Capital Management LLC purchased a new stake in Elevance Health in the fourth quarter valued at approximately $39,000. 89.24% of the stock is currently owned by institutional investors.
Elevance Health Price Performance
Shares of ELV stock traded up $6.2370 during trading hours on Friday, hitting $315.8370. 2,961,044 shares of the company's stock were exchanged, compared to its average volume of 2,567,187. The company has a market capitalization of $71.12 billion, a PE ratio of 13.44, a PEG ratio of 1.13 and a beta of 0.58. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $567.26. The business's 50 day simple moving average is $324.18 and its 200-day simple moving average is $378.71. 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 earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the previous year, the firm earned $10.12 earnings per share. The firm's quarterly revenue was up 14.3% compared to the same quarter last year. On average, equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.
Elevance Health Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on ELV shares. Wall Street Zen downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company lowered their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, August 15th. UBS Group reaffirmed a "buy" rating and issued a $484.00 target price (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Guggenheim lowered their target price on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Finally, Barclays lowered their target price on shares of Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and an average price target of $413.81.
Get Our Latest Analysis on ELV
Insider Buying and Selling at Elevance Health
In other news, Director Susan D. Devore bought 1,200 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the purchase, 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 purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the purchase, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. This trade represents a 5.96% 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
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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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