Wealthfront Advisers LLC Buys 7,400 Shares of Elevance Health, Inc. (NYSE:ELV)

Wealthfront Advisers LLC boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 117.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 13,708 shares of the company's stock after acquiring an additional 7,400 shares during the period. Wealthfront Advisers LLC's holdings in Elevance Health were worth $5,962,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ELV. Accredited Wealth Management LLC bought a new stake in shares of Elevance Health during the 4th quarter valued at $25,000. Flagship Wealth Advisors LLC bought a new stake in shares of Elevance Health during the 4th quarter valued at $26,000. Riverview Trust Co raised its stake in shares of Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares during the period. WealthTrak Capital Management LLC bought a new stake in shares of Elevance Health during the 4th quarter valued at $29,000. Finally, Lee Danner & Bass Inc. bought a new stake in shares of Elevance Health during the 4th quarter valued at $30,000. 89.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer owned 18,977 shares of the company's stock, valued at approximately $8,061,809.14. This represents a 19.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the transaction, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

ELV has been the topic of a number of analyst reports. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday. Leerink Partners reiterated a "market perform" rating and set a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research note on Friday. Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Wells Fargo & Company reduced their target price on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Finally, UBS Group restated a "buy" rating and set a $484.00 target price (down from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $435.93.

Elevance Health Trading Down 8.5%

ELV stock traded down $25.58 during trading on Friday, hitting $276.87. 8,379,827 shares of the company traded hands, compared to its average volume of 1,672,342. The firm has a market capitalization of $62.55 billion, a PE ratio of 11.78, a P/E/G ratio of 0.81 and a beta of 0.60. Elevance Health, Inc. has a 1 year low of $276.41 and a 1 year high of $567.26. The company has a 50-day moving average of $371.52 and a 200-day moving average of $395.81. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.43 and a current ratio of 1.44.

Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). The company had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company's revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $10.12 earnings per share. Analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is 29.11%.

Elevance Health 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.