Creative Planning Increases Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Creative Planning raised its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 10.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,156 shares of the company’s stock after purchasing an additional 2,901 shares during the quarter. Creative Planning’s holdings in Elevance Health were worth $16,882,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ELV. Ascent Group LLC raised its stake in Elevance Health by 30.2% in the second quarter. Ascent Group LLC now owns 4,903 shares of the company’s stock worth $2,657,000 after buying an additional 1,138 shares in the last quarter. Kathmere Capital Management LLC bought a new position in shares of Elevance Health in the 2nd quarter worth approximately $210,000. Legal & General Group Plc boosted its position in shares of Elevance Health by 2.9% during the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock valued at $1,217,607,000 after purchasing an additional 64,376 shares in the last quarter. Lighthouse Investment Partners LLC grew its stake in Elevance Health by 14.7% in the second quarter. Lighthouse Investment Partners LLC now owns 13,363 shares of the company’s stock worth $7,241,000 after purchasing an additional 1,712 shares during the period. Finally, Mackenzie Financial Corp grew its stake in Elevance Health by 1.1% in the second quarter. Mackenzie Financial Corp now owns 73,964 shares of the company’s stock worth $40,078,000 after purchasing an additional 773 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Stephens restated an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a report on Thursday, September 5th. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 price objective on shares of Elevance Health in a report on Friday, September 20th. Wells Fargo & Company lowered their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Bank of America reissued a “neutral” rating and issued a $530.00 price target (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Finally, Barclays reduced their price objective on Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research report 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 company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $604.29.

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were 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 in the company, valued at $63,478,674.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the sale, 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 have sold 35,058 shares of company stock worth $17,588,116 in the last quarter. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $520.00 on Tuesday. The firm has a market capitalization of $120.86 billion, a PE ratio of 19.65, a P/E/G ratio of 1.17 and a beta of 0.82. The company has a 50 day moving average price of $536.87 and a 200-day moving average price of $530.24. Elevance Health, Inc. has a 52 week low of $431.38 and a 52 week high of $567.26. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58.

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

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.25%. Elevance Health’s dividend payout ratio is currently 24.64%.

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.