HighPoint Advisor Group LLC Invests $1.60 Million in Elevance Health, Inc. (NYSE:ELV)

HighPoint Advisor Group LLC acquired a new position in Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,138 shares of the company’s stock, valued at approximately $1,601,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ELV. Paralel Advisors LLC increased its stake in shares of Elevance Health by 1.1% in the 3rd quarter. Paralel Advisors LLC now owns 4,160 shares of the company’s stock worth $1,811,000 after purchasing an additional 47 shares in the last quarter. Kestra Advisory Services LLC boosted its holdings in Elevance Health by 20.5% in the 3rd quarter. Kestra Advisory Services LLC now owns 11,965 shares of the company’s stock worth $5,210,000 after buying an additional 2,032 shares during the period. Envestnet Portfolio Solutions Inc. bought a new position in Elevance Health in the 3rd quarter worth $8,572,000. Envestnet Asset Management Inc. boosted its holdings in Elevance Health by 33.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 462,578 shares of the company’s stock worth $201,416,000 after buying an additional 115,044 shares during the period. Finally, Intact Investment Management Inc. bought a new position in Elevance Health in the 3rd quarter worth $827,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Down 1.3 %

Shares of NYSE:ELV opened at $527.49 on Wednesday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $550.34. The company has a 50-day moving average price of $530.25 and a 200 day moving average price of $505.90. The company has a market cap of $122.60 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 1.18 and a beta of 0.83.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter last year, the firm earned $9.46 EPS. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, equities research analysts predict that Elevance Health, Inc. will post 37.2 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s payout ratio is 24.64%.

Insider Activity at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the sale, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on ELV shares. UBS Group upped their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Jefferies Financial Group upped their target price on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Bank of America upped their target price on shares of Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 target price on shares of Elevance Health in a report on Wednesday, June 12th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $607.36.

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.