Intelligence Driven Advisers LLC Raises Stock Position in Elevance Health, Inc. (NYSE:ELV)

Intelligence Driven Advisers LLC raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 84.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,108 shares of the company’s stock after buying an additional 508 shares during the quarter. Intelligence Driven Advisers LLC’s holdings in Elevance Health were worth $600,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Canoe Financial LP lifted its stake in shares of Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after purchasing an additional 517,116 shares during the period. Tower Research Capital LLC TRC increased its holdings in Elevance Health by 114.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock worth $14,765,000 after acquiring an additional 16,737 shares in the last quarter. Brave Warrior Advisors LLC grew its holdings in shares of Elevance Health by 7.9% during the fourth quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock worth $828,367,000 after buying an additional 129,055 shares in the last quarter. New Mexico Educational Retirement Board boosted its position in shares of Elevance Health by 14.6% during the 1st quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Bank of Nova Scotia boosted its position in shares of Elevance Health by 276.0% during the 4th quarter. Bank of Nova Scotia now owns 82,331 shares of the company’s stock valued at $38,823,000 after acquiring an additional 60,436 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ELV shares. Bank of America reissued a “neutral” rating and set a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Royal Bank of Canada boosted their price target on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Stephens reissued an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a research report on Thursday. Finally, Morgan Stanley initiated coverage on shares of Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price on the stock. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $604.29.

Elevance Health Stock Down 0.5 %

NYSE:ELV traded down $2.49 during mid-day trading on Friday, hitting $541.91. The stock had a trading volume of 1,059,242 shares, compared to its average volume of 1,017,658. The stock has a 50-day simple moving average of $533.79 and a two-hundred day simple moving average of $526.48. The company has a market capitalization of $125.95 billion, a PE ratio of 20.48, a PEG ratio of 1.22 and a beta of 0.84. Elevance Health, Inc. has a twelve month low of $431.38 and a twelve month high of $567.26. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58.

Elevance Health (NYSE:ELV) last announced its 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 business had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $9.04 EPS. On average, equities research analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. Elevance Health’s payout ratio is currently 24.64%.

Insiders Place Their Bets

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction dated 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 owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was 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 in the company, valued at approximately $63,478,674.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’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 sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,058 shares of company stock worth $17,588,116. Corporate 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.