HighTower Advisors LLC Sells 2,325 Shares of Elevance Health, Inc. $ELV

HighTower Advisors LLC decreased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 6.7% during the second quarter, Holdings Channel reports. The fund owned 32,278 shares of the company’s stock after selling 2,325 shares during the period. HighTower Advisors LLC’s holdings in Elevance Health were worth $12,483,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. WealthCollab LLC grew its stake in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after purchasing an additional 27 shares during the period. Kilter Group LLC bought a new stake in shares of Elevance Health during the 2nd quarter valued at $28,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Elevance Health in the 4th quarter worth about $31,000. J.Safra Asset Management Corp purchased a new stake in shares of Elevance Health in the 4th quarter worth about $32,000. Finally, Main Street Group LTD bought a new position in shares of Elevance Health in the 1st quarter worth about $39,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Down 1.1%

Elevance Health stock opened at $397.54 on Thursday. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The stock has a fifty day simple moving average of $397.05 and a two-hundred day simple moving average of $365.88. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm has a market cap of $86.21 billion, a price-to-earnings ratio of 17.67, a PEG ratio of 2.09 and a beta of 0.69.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same period in the prior year, the company posted $8.84 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. Equities analysts predict that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s payout ratio is currently 30.58%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ELV shares. Mizuho boosted their price objective on shares of Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Morgan Stanley boosted their price target on Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. Robert W. Baird upped their price target on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $395.00 price objective on shares of Elevance Health in a research report on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Company Profile

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.