Lowe Wealth Advisors LLC Takes Position in Elevance Health, Inc. (NYSE:ELV)

Lowe Wealth Advisors LLC bought a new stake in Elevance Health, Inc. (NYSE:ELV) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 97 shares of the company’s stock, valued at approximately $50,000.

Other institutional investors also recently modified their holdings of the company. Tower Research Capital LLC TRC raised its stake in shares of Elevance Health by 114.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after acquiring an additional 16,737 shares during the last quarter. Brave Warrior Advisors LLC increased its holdings in shares of Elevance Health by 7.9% in the fourth quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock valued at $828,367,000 after purchasing an additional 129,055 shares in the last quarter. New Mexico Educational Retirement Board increased its holdings in shares of Elevance Health by 14.6% in the first quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after purchasing an additional 1,800 shares in the last quarter. Blair William & Co. IL increased its holdings in shares of Elevance Health by 119.7% in the first quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after purchasing an additional 6,610 shares in the last quarter. Finally, Artemis Investment Management LLP increased its holdings in shares of Elevance Health by 16.1% in the first quarter. Artemis Investment Management LLP now owns 83,757 shares of the company’s stock valued at $43,422,000 after purchasing an additional 11,627 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on ELV shares. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a report on Tuesday. Truist Financial raised their price target on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, July 15th. 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. Finally, TD Cowen lowered their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a report on Friday, July 19th. One investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $604.29.

Elevance Health Stock Performance

Shares of ELV stock opened at $505.00 on Thursday. The company has a market capitalization of $117.37 billion, a P/E ratio of 19.09, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82. 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, Inc. has a 52 week low of $431.55 and a 52 week high of $567.26. The company’s 50 day moving average price is $536.89 and its two-hundred day moving average price is $530.05.

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

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th were paid a dividend of $1.63 per share. The ex-dividend date was Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Activity

In related news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 126,709 shares in the company, valued at $63,478,674.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 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 transaction of $154,561.80. Following the sale, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $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 over the last ninety days. 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.