Western Wealth Management LLC Invests $1.11 Million in Elevance Health, Inc. $ELV

Key Points

• Western Wealth Management initiated a $1.11 million position in Elevance Health during the second quarter by purchasing 2,877 shares. Institutional investors collectively own 89.24% of the company.
• Analysts maintain a generally positive outlook, with 15 Buy ratings and eight Holds producing a consensus “Moderate Buy” rating and an average price target of $440.90.
• Elevance Health exceeded quarterly expectations, reporting $7.45 in EPS and $49.83 billion in revenue. The company also declared a quarterly dividend of $1.72 per share, equivalent to a 1.7% annual yield.

Western Wealth Management LLC bought a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,877 shares of the company's stock, valued at approximately $1,113,000.

A number of other large investors have also added to or reduced their stakes in the company. First Bancorp Inc ME bought a new stake in Elevance Health during the second quarter worth about $239,000. Roberts Glore & Co. Inc. IL purchased a new position in shares of Elevance Health during the 2nd quarter valued at about $727,000. Jupiter Topco LLC purchased a new position in shares of Elevance Health during the 2nd quarter valued at about $152,558,000. Stanley Capital Management LLC bought a new stake in Elevance Health in the 2nd quarter worth approximately $28,161,000. Finally, Hsbc Holdings PLC purchased a new stake in Elevance Health in the second quarter worth approximately $202,531,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. UBS Group lifted their price target on shares of Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a research note on Friday, May 22nd. Royal Bank Of Canada decreased their target price on shares of Elevance Health from $439.00 to $424.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 16th. Citigroup raised shares of Elevance Health to a "buy" rating in a research note on Wednesday, April 29th. Raymond James Financial set a $450.00 price objective on Elevance Health in a research note on Tuesday, July 7th. Finally, Wells Fargo & Company lowered their target price on Elevance Health from $492.00 to $473.00 and set an "overweight" rating for the company in a research note on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus price target of $440.90.

Insiders Place Their Bets

In other news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.34% of the company's stock.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $398.64 on Wednesday. The company's fifty day simple moving average is $394.81 and its two-hundred day simple moving average is $360.90. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The firm has a market cap of $86.45 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 2.31 and a beta of 0.68. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company's quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the firm posted $8.84 earnings per share. As a group, equities analysts expect that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. Elevance Health's dividend payout ratio is presently 30.58%.

About Elevance Health

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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