Provence Wealth Management Group Grows Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Provence Wealth Management Group increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 18.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 830 shares of the company’s stock after buying an additional 131 shares during the period. Provence Wealth Management Group’s holdings in Elevance Health were worth $391,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ELV. OFI Invest Asset Management purchased a new stake in Elevance Health in the 3rd quarter valued at $25,000. Alaska Permanent Fund Corp acquired a new stake in shares of Elevance Health during the 4th quarter valued at approximately $31,000. Hexagon Capital Partners LLC grew its holdings in Elevance Health by 63.0% in the fourth quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock valued at $35,000 after purchasing an additional 29 shares during the last quarter. ORG Partners LLC acquired a new stake in Elevance Health in the 4th quarter valued at about $40,000. Finally, Orion Capital Management LLC purchased a new position in shares of Elevance Health during the 3rd quarter worth approximately $46,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ELV shares. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Mizuho raised their target price on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Truist Financial reiterated a “buy” rating and set a $600.00 price objective (up from $580.00) on shares of Elevance Health in a research note on Friday, April 19th. Wells Fargo & Company lifted their target price on Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $580.00 price target on shares of Elevance Health in a research report on Wednesday, April 10th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $587.42.

Elevance Health Price Performance

Shares of Elevance Health stock traded up $1.35 during midday trading on Friday, hitting $526.96. 819,445 shares of the company were exchanged, compared to its average volume of 1,136,492. The firm has a 50 day simple moving average of $513.54 and a 200-day simple moving average of $488.91. 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, Inc. has a 52 week low of $412.00 and a 52 week high of $542.07. The firm has a market cap of $122.48 billion, a P/E ratio of 19.92, a PEG ratio of 1.16 and a beta of 0.79.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The business had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $9.46 earnings per share. Research analysts forecast that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.24%. Elevance Health’s payout ratio is 24.64%.

Insider Buying and Selling

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 transaction of $376,500.00. Following the completion of the transaction, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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. Also, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction that occurred on Tuesday, April 23rd. The shares were 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 $16,791,460.40. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

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.