Patrick M Sweeney & Associates Inc. Takes $574,000 Position in Elevance Health, Inc. (NYSE:ELV)

Patrick M Sweeney & Associates Inc. purchased a new stake in Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 1,218 shares of the company’s stock, valued at approximately $574,000.

Several other hedge funds have also made changes to their positions in ELV. BluePath Capital Management LLC purchased a new stake in shares of Elevance Health in the 3rd quarter valued at approximately $98,000. IFM Investors Pty Ltd lifted its holdings in shares of Elevance Health by 3.2% in the 3rd quarter. IFM Investors Pty Ltd now owns 49,915 shares of the company’s stock worth $21,734,000 after acquiring an additional 1,556 shares during the last quarter. Washington Capital Management Inc. acquired a new position in shares of Elevance Health in the 3rd quarter worth approximately $272,000. Chicago Partners Investment Group LLC acquired a new position in shares of Elevance Health in the 3rd quarter worth approximately $220,000. Finally, Advisor Partners II LLC lifted its holdings in shares of Elevance Health by 3.7% in the 3rd quarter. Advisor Partners II LLC now owns 12,716 shares of the company’s stock worth $5,537,000 after acquiring an additional 455 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.29% of the company’s stock.

Elevance Health Stock Down 0.5 %

Shares of ELV traded down $2.82 during midday trading on Wednesday, reaching $533.35. The stock had a trading volume of 776,999 shares, compared to its average volume of 1,042,811. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $542.07. The company’s fifty day simple moving average is $514.57 and its two-hundred day simple moving average is $490.26. The company has a market cap of $123.96 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 1.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same period last year, the business earned $9.46 EPS. The company’s revenue was up .9% on a year-over-year basis. Equities research analysts expect that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Truist Financial restated a “buy” rating and issued a $600.00 price objective (up from $580.00) on shares of Elevance Health in a report on Friday, April 19th. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Mizuho increased their target price on shares of Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. UBS Group increased their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Finally, Wells Fargo & Company increased their target price on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and an average target price of $587.42.

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.