Institute for Wealth Management LLC. Has $1.43 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Institute for Wealth Management LLC. increased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 1.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,032 shares of the company’s stock after acquiring an additional 53 shares during the period. Institute for Wealth Management LLC.’s holdings in Elevance Health were worth $1,430,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. OFI Invest Asset Management acquired a new stake in Elevance Health in the 3rd quarter valued at approximately $25,000. Fortis Capital Advisors LLC bought a new position in shares of Elevance Health during the 4th quarter worth approximately $29,000. Householder Group Estate & Retirement Specialist LLC bought a new position in shares of Elevance Health during the 3rd quarter worth approximately $30,000. TD Capital Management LLC bought a new position in shares of Elevance Health during the 4th quarter worth approximately $30,000. Finally, Tyler Stone Wealth Management bought a new position in shares of Elevance Health during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Trading Up 1.3 %

NYSE:ELV traded up $6.73 on Friday, reaching $531.92. The company’s stock had a trading volume of 1,073,553 shares, compared to its average volume of 1,052,781. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $539.11. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market cap of $123.78 billion, a PE ratio of 21.25, a PEG ratio of 1.12 and a beta of 0.78. The business’s 50-day moving average price is $508.63 and its two-hundred day moving average price is $482.59.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The company had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the company posted $9.46 earnings per share. Equities research analysts anticipate that Elevance Health, Inc. will post 37.03 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. 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 25.90%.

Wall Street Analyst Weigh In

Several research firms recently commented on ELV. Barclays raised their target price on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. UBS Group lifted their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $580.00 price objective on shares of Elevance Health in a research report on Wednesday, April 10th. Finally, Jefferies Financial Group lifted their price objective on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and a consensus target price of $583.77.

Insider Activity

In other 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 sale, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.