SteelPeak Wealth LLC Buys New Shares in Elevance Health, Inc. (NYSE:ELV)

SteelPeak Wealth LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 1st quarter, HoldingsChannel reports. The firm purchased 394 shares of the company’s stock, valued at approximately $204,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Elevance Health in the 4th quarter valued at about $1,347,434,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Elevance Health in the 4th quarter valued at $467,141,000. Canoe Financial LP raised its position in Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after purchasing an additional 517,116 shares during the last quarter. Morningstar Investment Services LLC acquired a new stake in Elevance Health during the 4th quarter worth $239,244,000. Finally, International Assets Investment Management LLC grew its position in Elevance Health by 45,888.1% during the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock worth $1,205,750,000 after purchasing an additional 255,138 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

Elevance Health stock opened at $541.86 on Monday. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $550.34. The company has a market capitalization of $125.94 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 1.20 and a beta of 0.83. The stock has a fifty day moving average of $534.36 and a two-hundred day moving average of $508.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. During the same period last year, the company earned $9.46 EPS. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. On average, analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. Elevance Health’s payout ratio is currently 24.64%.

Insider Buying and Selling

In related news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ELV shares. UBS Group increased their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Baird R W raised Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. Royal Bank of Canada boosted their target price on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, April 19th. Robert W. Baird started coverage on Elevance Health in a report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price target for the company. Finally, Mizuho boosted their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $611.36.

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.