WESPAC Advisors SoCal LLC Purchases 1,288 Shares of Elevance Health, Inc. (NYSE:ELV)

WESPAC Advisors SoCal LLC boosted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 50.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,832 shares of the company's stock after purchasing an additional 1,288 shares during the quarter. WESPAC Advisors SoCal LLC's holdings in Elevance Health were worth $1,667,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. Norges Bank purchased a new position in shares of Elevance Health in the 4th quarter worth about $1,135,014,000. Wellington Management Group LLP grew its position in shares of Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock worth $2,344,556,000 after acquiring an additional 1,893,947 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Elevance Health by 81,726.5% in the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock worth $641,355,000 after acquiring an additional 1,472,712 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in shares of Elevance Health by 6,817.8% in the 4th quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company's stock worth $335,254,000 after acquiring an additional 895,658 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in shares of Elevance Health in the 4th quarter worth approximately $294,751,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Buying and Selling

In related news, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were bought at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the acquisition, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ELV. UBS Group restated a "buy" rating and issued a $484.00 target price (down from $555.00) on shares of Elevance Health in a report on Monday, July 14th. Baird R W downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Elevance Health in a report on Friday, March 28th. Guggenheim lowered their target price on 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, JPMorgan Chase & Co. lowered their target price on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research note on Tuesday. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $418.19.

Elevance Health Price Performance

Shares of Elevance Health stock traded up $8.68 on Friday, hitting $289.11. 4,807,740 shares of the company traded hands, compared to its average volume of 2,861,243. The firm's 50-day simple moving average is $360.79 and its 200 day simple moving average is $392.58. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The company has a market cap of $65.10 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.03 and a beta of 0.60. Elevance Health, Inc. has a 12-month low of $274.40 and a 12-month high of $567.26.

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

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.37%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is currently 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.