Proficio Capital Partners LLC Acquires New Holdings in Elevance Health, Inc. $ELV

Proficio Capital Partners LLC bought a new position in Elevance Health, Inc. (NYSE:ELV) in the second quarter, HoldingsChannel.com reports. The fund bought 1,400 shares of the company’s stock, valued at approximately $542,000.

A number of other hedge funds have also added to or reduced their stakes in ELV. BlackRock Inc. bought a new position in shares of Elevance Health during the 2nd quarter valued at $7,344,424,000. Bank of New York Mellon Corp bought a new stake in shares of Elevance Health in the second quarter worth $1,246,349,000. Norges Bank purchased a new stake in Elevance Health during the fourth quarter valued at $1,058,165,000. Legal & General Group Plc purchased a new stake in Elevance Health during the second quarter valued at $688,469,000. Finally, Wellington Management Group LLP lifted its holdings in Elevance Health by 25.2% in the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after acquiring an additional 1,668,679 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Price Performance

NYSE ELV opened at $406.17 on Thursday. The business’s fifty day moving average is $395.92 and its 200 day moving average is $363.79. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The company has a market capitalization of $88.09 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 2.10 and a beta of 0.69.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter in the prior year, the business posted $8.84 earnings per share. The business’s quarterly revenue was up .8% on a year-over-year basis. Sell-side analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. Elevance Health’s dividend payout ratio (DPR) is presently 30.58%.

Insider Buying and Selling

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the transaction, the director owned 10,734 shares of the company’s stock, valued at $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ELV shares. The Goldman Sachs Group reissued a “neutral” rating and issued a $395.00 target price on shares of Elevance Health in a research report on Thursday, July 16th. TD Cowen upped their price target on shares of Elevance Health from $400.00 to $465.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Sanford C. Bernstein set a $488.00 price objective on shares of Elevance Health in a report on Thursday, July 16th. JPMorgan Chase & Co. boosted their target price on shares of Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. Finally, Barclays reduced their target price on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.