Rehmann Capital Advisory Group Acquires 649 Shares of Elevance Health, Inc. (NYSE:ELV)

Rehmann Capital Advisory Group increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 33.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,600 shares of the company’s stock after acquiring an additional 649 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Elevance Health were worth $1,349,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Pin Oak Investment Advisors Inc. bought a new stake in Elevance Health during the fourth quarter worth $28,000. Palisade Asset Management LLC bought a new stake in shares of Elevance Health in the first quarter valued at $28,000. Alaska Permanent Fund Corp bought a new stake in shares of Elevance Health in the fourth quarter valued at $31,000. Beaird Harris Wealth Management LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at $32,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Elevance Health in the first quarter valued at $32,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Robert W. Baird assumed coverage on Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price on the stock. UBS Group boosted their target price on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Barclays boosted their target price on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Bank of America boosted their price objective on Elevance Health from $621.00 to $646.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. Finally, Morgan Stanley initiated coverage on Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective on the stock. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health presently has an average rating of “Buy” and an average price target of $611.36.

Insider Transactions at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly 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 available through the SEC website. Company insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

NYSE ELV traded up $2.12 during trading on Wednesday, reaching $531.36. The company’s stock had a trading volume of 276,361 shares, compared to its average volume of 1,010,371. The stock has a market capitalization of $123.50 billion, a PE ratio of 20.14, a P/E/G ratio of 1.16 and a beta of 0.84. 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 fifty day moving average of $533.94 and a 200 day moving average of $512.12. Elevance Health, Inc. has a one year low of $412.00 and a one year high of $550.34.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. During the same period in the prior year, the business earned $9.46 EPS. The company’s revenue for the quarter was up .9% compared to the same quarter last year. Analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Monday, June 10th. Elevance Health’s 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.