ProVise Management Group LLC Increases Position in Elevance Health, Inc. (NYSE:ELV)

ProVise Management Group LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 13.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,964 shares of the company’s stock after acquiring an additional 2,195 shares during the period. ProVise Management Group LLC’s holdings in Elevance Health were worth $8,943,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of ELV. Alaska Permanent Fund Corp acquired a new position in shares of Elevance Health in the fourth quarter worth $31,000. Hexagon Capital Partners LLC grew its stake in shares of Elevance Health by 63.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock worth $35,000 after purchasing an additional 29 shares in the last quarter. ORG Partners LLC acquired a new position in shares of Elevance Health during the fourth quarter worth $40,000. Private Wealth Management Group LLC acquired a new position in shares of Elevance Health during the fourth quarter worth $41,000. Finally, Orion Capital Management LLC acquired a new position in Elevance Health in the third quarter valued at $46,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.35% of the company’s stock.

Elevance Health Trading Down 4.1 %

NYSE:ELV traded down $22.53 during trading hours on Friday, reaching $521.41. 1,533,614 shares of the company were exchanged, compared to its average volume of 1,013,796. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market cap of $121.19 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 1.21 and a beta of 0.79. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $550.34. The stock has a 50 day simple moving average of $523.51 and a 200 day simple moving average of $497.36.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter last year, the firm posted $9.46 earnings per share. Elevance Health’s revenue was up .9% on a year-over-year basis. As a group, analysts predict that Elevance Health, Inc. will post 37.26 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.25%. Elevance Health’s payout ratio is 24.64%.

Analysts Set New Price Targets

ELV has been the subject of a number of research reports. Mizuho upped their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Royal Bank of Canada upped their target price on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, April 19th. Wells Fargo & Company increased their price target on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Truist Financial reissued a “buy” rating and set a $600.00 price target (up from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Finally, Barclays upped their target price on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $587.42.

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.