Power Wealth Management LLC Makes New $420,000 Investment in Elevance Health, Inc. (NYSE:ELV)

Power Wealth Management LLC bought a new position in Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 891 shares of the company’s stock, valued at approximately $420,000.

Several other institutional investors have also modified their holdings of the stock. Sanders Capital LLC raised its position in Elevance Health by 1.4% in the third quarter. Sanders Capital LLC now owns 4,261,976 shares of the company’s stock valued at $1,855,750,000 after purchasing an additional 58,013 shares during the period. Baillie Gifford & Co. raised its stake in shares of Elevance Health by 0.9% in the 4th quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock valued at $1,456,132,000 after acquiring an additional 27,986 shares during the period. Morgan Stanley lifted its holdings in shares of Elevance Health by 1.7% in the 3rd quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock worth $1,212,521,000 after acquiring an additional 46,322 shares during the last quarter. Northern Trust Corp boosted its position in shares of Elevance Health by 2.4% during the 3rd quarter. Northern Trust Corp now owns 2,416,459 shares of the company’s stock worth $1,052,175,000 after purchasing an additional 57,098 shares during the period. Finally, Artisan Partners Limited Partnership increased its holdings in Elevance Health by 7.2% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,379,046 shares of the company’s stock valued at $1,035,884,000 after purchasing an additional 160,524 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ELV. Barclays raised their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. UBS Group lifted their target price on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Mizuho increased their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Truist Financial reissued a “buy” rating and issued a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Finally, StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $587.42.

Insider Activity at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the sale, 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 SEC, which is available at the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the transaction, the director now owns 9,109 shares in the company, valued at $4,554,500. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Elevance Health Stock Up 0.3 %

Shares of Elevance Health stock traded up $1.35 during trading hours on Friday, hitting $526.96. The company had a trading volume of 819,445 shares, compared to its average volume of 1,136,492. 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 company’s 50-day moving average is $513.54 and its two-hundred day moving average is $488.91. The company has a market cap of $122.48 billion, a P/E ratio of 19.92, a price-to-earnings-growth ratio of 1.16 and a beta of 0.79. Elevance Health, Inc. has a twelve month low of $412.00 and a twelve month high of $542.07.

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

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 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.