Heritage Wealth Management Inc. Makes New $1.13 Million Investment in Elevance Health, Inc. (NYSE:ELV)

Heritage Wealth Management Inc. acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,136 shares of the company’s stock, valued at approximately $1,133,000.

Several other institutional investors and hedge funds also recently bought and sold shares of ELV. Ameriprise Financial Inc. lifted its position in shares of Elevance Health by 5.3% during the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after purchasing an additional 190,118 shares during the last quarter. Capital International Investors lifted its position 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 last quarter. Legal & General Group Plc lifted 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 worth $1,217,607,000 after purchasing an additional 64,376 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Elevance Health by 34.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its position in shares of Elevance Health by 15.5% during the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after purchasing an additional 275,708 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following 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 this link. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the business’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 directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. Insiders have 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.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ELV. Barclays decreased their target price 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. Stephens reiterated an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a research report on Thursday, September 5th. TD Cowen decreased their price objective on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a report on Friday, July 19th. Morgan Stanley initiated coverage on Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective for the company. Finally, StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Elevance Health presently has a consensus rating of “Buy” and a consensus price target of $604.29.

Elevance Health Price Performance

ELV opened at $510.99 on Wednesday. The business’s 50-day moving average is $537.04 and its two-hundred day moving average is $530.23. Elevance Health, Inc. has a 1 year low of $431.38 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market capitalization of $118.76 billion, a PE ratio of 19.31, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping 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 business had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. During the same quarter in the previous year, the firm earned $9.04 earnings per share. The company’s revenue was down .4% on a year-over-year basis. Research analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th were given a $1.63 dividend. The ex-dividend date was Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.28%. Elevance Health’s dividend payout ratio is currently 24.64%.

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.