Elevance Health, Inc. (NYSE:ELV) Shares Purchased by Procyon Advisors LLC

Procyon Advisors LLC lifted its position in Elevance Health, Inc. (NYSE:ELV) by 9.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,870 shares of the company’s stock after purchasing an additional 168 shares during the quarter. Procyon Advisors LLC’s holdings in Elevance Health were worth $882,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ELV. Norges Bank acquired a new stake in Elevance Health during the 4th quarter worth approximately $1,253,211,000. Legal & General Group Plc acquired a new stake in Elevance Health during the 4th quarter worth approximately $944,528,000. Moneta Group Investment Advisors LLC acquired a new stake in Elevance Health during the 4th quarter worth approximately $664,077,000. Veritas Asset Management LLP acquired a new stake in Elevance Health during the 2nd quarter worth approximately $503,385,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in Elevance Health by 825.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock worth $372,715,000 after acquiring an additional 676,769 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Trading Up 0.0 %

Shares of ELV stock traded up $0.14 during mid-day trading on Thursday, hitting $520.10. 98,765 shares of the company’s stock were exchanged, compared to its average volume of 1,010,618. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $521.18. The stock has a market cap of $121.03 billion, a price-to-earnings ratio of 20.66, a PEG ratio of 1.16 and a beta of 0.78. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. The stock has a 50-day simple moving average of $500.26 and a two-hundred day simple moving average of $475.45.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, January 24th. The company reported $5.62 earnings per share for the quarter, beating analysts’ consensus estimates of $5.60 by $0.02. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The firm had revenue of $42.45 billion for the quarter, compared to analysts’ expectations of $42.19 billion. During the same quarter last year, the firm earned $5.23 earnings per share. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities analysts expect that Elevance Health, Inc. will post 37.15 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.25%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, March 7th. Elevance Health’s payout ratio is presently 25.90%.

Insider Transactions at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ELV. Royal Bank of Canada increased their price objective on Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Barclays initiated coverage on Elevance Health in a research note on Wednesday, March 6th. They set an “overweight” rating and a $584.00 target price for the company. Finally, Cantor Fitzgerald increased their target price on Elevance Health from $547.00 to $580.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 14th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus target price of $569.36.

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.