Valley Wealth Managers Inc. Purchases 5,809 Shares of Elevance Health, Inc. (NYSE:ELV)

Key Points

• Valley Wealth Managers Inc. increased its stake in Elevance Health by 14.4%, acquiring an additional 5,809 shares, bringing its total holdings to 46,158 shares, worth approximately $20 million.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health at $286.94 per share, raising her total ownership to 151,020 shares, valued at about $43.3 million.
• Elevance Health reported earnings of $8.84 per share for the recent quarter, missing estimates of $9.30, while revenue increased by 14.3% year-over-year, totaling $49.42 billion.

Valley Wealth Managers Inc. raised its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,158 shares of the company's stock after purchasing an additional 5,809 shares during the period. Elevance Health makes up approximately 1.5% of Valley Wealth Managers Inc.'s investment portfolio, making the stock its 28th biggest position. Valley Wealth Managers Inc.'s holdings in Elevance Health were worth $20,077,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ELV. Private Wealth Management Group LLC raised its holdings in shares of Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after buying an additional 38 shares in the last quarter. Accredited Wealth Management LLC acquired a new stake in Elevance Health in the fourth quarter valued at about $25,000. Riverview Trust Co grew its position 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 acquiring an additional 67 shares during the last quarter. WealthTrak Capital Management LLC acquired a new position in Elevance Health during the fourth quarter worth about $29,000. Finally, North Capital Inc. bought a new position in shares of Elevance Health in the first quarter worth about $36,000. 89.24% of the stock is currently owned by institutional investors.

Insider Transactions at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction 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 acquisition, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by insiders.

Elevance Health Price Performance

Shares of ELV opened at $289.11 on Friday. The business has a 50-day moving average of $360.79 and a 200-day moving average of $392.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The company has a market capitalization of $65.10 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.03 and a beta of 0.60. Elevance Health, Inc. has a 1 year low of $274.40 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the prior year, the company posted $10.12 EPS. As a group, equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

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 issued a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.37%. Elevance Health's payout ratio is 29.11%.

Analysts Set New Price Targets

ELV has been the subject of a number of research analyst reports. Baird R W cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. UBS Group reaffirmed a "buy" rating and set a $484.00 target price (down previously from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Wells Fargo & Company reduced their price objective on Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Finally, Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $418.19.

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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