Wealthspire Advisors LLC Cuts Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Wealthspire Advisors LLC lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 6.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 478 shares of the company’s stock after selling 32 shares during the quarter. Wealthspire Advisors LLC’s holdings in Elevance Health were worth $259,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Bank & Trust Co purchased a new position in Elevance Health in the second quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health in the second quarter valued at $28,000. Palisade Asset Management LLC purchased a new position in Elevance Health in the first quarter valued at $28,000. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health in the fourth quarter valued at $28,000. Finally, Register Financial Advisors LLC purchased a new position in Elevance Health in the first quarter valued at $32,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. 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 90 days. Company insiders own 0.35% of the company’s stock.

Elevance Health Price Performance

Shares of ELV opened at $543.25 on Wednesday. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $567.26. The company has a market capitalization of $126.26 billion, a price-to-earnings ratio of 20.53, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. The firm has a 50-day simple moving average of $535.93 and a 200-day simple moving average of $528.70. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49.

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

Elevance Health Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on ELV. Baird R W raised Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. JPMorgan Chase & Co. increased their target price on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Robert W. Baird started coverage on shares of Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 price objective for the company. Morgan Stanley started coverage on shares of Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective for the company. Finally, Barclays decreased their price objective on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research note on Thursday, July 18th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Elevance Health has an average rating of “Buy” and an average price target of $604.29.

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.