Strategic Financial Concepts LLC Buys Shares of 55,241 Elevance Health, Inc. (NYSE:ELV)

Strategic Financial Concepts LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, Holdings Channel reports. The fund purchased 55,241 shares of the company’s stock, valued at approximately $30,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ELV. Sanders Capital LLC grew its holdings in Elevance Health by 4.6% during the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock worth $2,102,208,000 after acquiring an additional 196,010 shares during the last quarter. Capital International Investors lifted its holdings in shares of Elevance Health by 3.7% during the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after purchasing an additional 123,802 shares during the period. Norges Bank bought a new stake in shares of Elevance Health in the fourth quarter worth $1,347,434,000. The Manufacturers Life Insurance Company increased its holdings in Elevance Health by 6.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,863,601 shares of the company’s stock valued at $878,800,000 after purchasing an additional 110,462 shares during the period. Finally, Brave Warrior Advisors LLC raised its position in Elevance Health by 7.9% during the 4th quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock worth $828,367,000 after purchasing an additional 129,055 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ELV has been the topic of a number of analyst reports. Morgan Stanley began coverage on Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target on the stock. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a research report on Tuesday. Royal Bank of Canada increased their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Finally, Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $604.29.

Elevance Health Stock Performance

Shares of ELV opened at $543.39 on Thursday. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $567.26. The company has a market cap of $126.01 billion, a PE ratio of 20.54, a P/E/G ratio of 1.19 and a beta of 0.82. The stock has a 50-day moving average of $534.39 and a 200-day moving average of $527.27. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. During the same quarter last year, the firm posted $9.04 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. On average, equities research analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Insider Activity

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

About Elevance Health

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.