Cape Investment Advisory Inc. Raises Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Cape Investment Advisory Inc. boosted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 2.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,821 shares of the company’s stock after purchasing an additional 56 shares during the quarter. Cape Investment Advisory Inc.’s holdings in Elevance Health were worth $1,330,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Richwood Investment Advisors LLC boosted its position in Elevance Health by 0.8% during the fourth quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock worth $1,201,000 after purchasing an additional 20 shares in the last quarter. Alliance Wealth Advisors LLC lifted its position in shares of Elevance Health by 2.9% in the fourth quarter. Alliance Wealth Advisors LLC now owns 745 shares of the company’s stock valued at $351,000 after acquiring an additional 21 shares in the last quarter. Clearstead Advisors LLC lifted its position in shares of Elevance Health by 0.9% in the third quarter. Clearstead Advisors LLC now owns 2,516 shares of the company’s stock valued at $1,096,000 after acquiring an additional 22 shares in the last quarter. Financial Counselors Inc. lifted its position in shares of Elevance Health by 1.0% in the third quarter. Financial Counselors Inc. now owns 2,284 shares of the company’s stock valued at $994,000 after acquiring an additional 22 shares in the last quarter. Finally, Sugarloaf Wealth Management LLC lifted its position in shares of Elevance Health by 8.6% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 277 shares of the company’s stock valued at $131,000 after acquiring an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the sale, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is owned by insiders.

Elevance Health Trading Down 4.1 %

ELV stock traded down $22.53 during midday trading on Friday, hitting $521.41. 1,533,777 shares of the company’s stock were exchanged, compared to its average volume of 785,444. The business has a 50-day simple moving average of $523.69 and a two-hundred day simple moving average of $498.11. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $121.19 billion, a PE ratio of 19.71, a P/E/G ratio of 1.15 and a beta of 0.79. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $550.34.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. The company 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 quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm earned $9.46 earnings per share. On average, sell-side analysts predict that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be paid a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.25%. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Wall Street Analysts Forecast Growth

ELV has been the topic of several research reports. UBS Group raised 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 raised their target price on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. StockNews.com upgraded Elevance Health from a “buy” rating to a “strong-buy” rating in a research report on Monday, May 20th. Cantor Fitzgerald reiterated an “overweight” rating and set 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 stock a “buy” rating in a research report on Friday, April 19th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $587.42.

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.