Norden Group LLC Buys 47 Shares of Elevance Health, Inc. (NYSE:ELV)

Norden Group LLC grew its position in shares of Elevance Health, Inc. (NYSE:ELV) by 10.7% in the 2nd quarter, Holdings Channel reports. The firm owned 485 shares of the company’s stock after acquiring an additional 47 shares during the quarter. Norden Group LLC’s holdings in Elevance Health were worth $263,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ELV. Bank & Trust Co bought a new position in Elevance Health during the second quarter worth $27,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Elevance Health in the 4th quarter worth about $28,000. Palisade Asset Management LLC bought a new position in shares of Elevance Health in the 1st quarter worth about $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Elevance Health in the 2nd quarter valued at about $28,000. Finally, Beaird Harris Wealth Management LLC bought a new stake in shares of Elevance Health during the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $600.00 target price on shares of Elevance Health in a report on Monday, August 19th. Stephens reiterated an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a research note on Thursday, September 5th. Morgan Stanley initiated coverage on shares of Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 target price on the stock. TD Cowen decreased their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research note on Friday, July 19th. Finally, Robert W. Baird started coverage on shares of Elevance Health in a research report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective on the stock. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $604.29.

Elevance Health Price Performance

ELV stock opened at $543.66 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The business has a 50-day simple moving average of $533.97 and a two-hundred day simple moving average of $526.95. The company has a market capitalization of $126.07 billion, a P/E ratio of 20.55, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. Elevance Health, Inc. has a 52-week low of $431.38 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.99 by $0.13. The company had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. Elevance Health’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.04 earnings per share. Research analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. Elevance Health’s payout ratio is 24.64%.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock worth $17,588,116 over the last quarter. Insiders own 0.35% of the company’s stock.

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.