Elevance Health, Inc. $ELV Stock Bought by Parcion Private Wealth LLC

Parcion Private Wealth LLC grew its stake in Elevance Health, Inc. (NYSE:ELV) by 196.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,841 shares of the company’s stock after purchasing an additional 1,219 shares during the period. Parcion Private Wealth LLC’s holdings in Elevance Health were worth $716,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Elevance Health in the second quarter valued at $7,344,424,000. Bank of New York Mellon Corp bought a new stake in shares of Elevance Health in the 2nd quarter worth about $1,246,349,000. Legal & General Group Plc purchased a new position in shares of Elevance Health during the 2nd quarter worth about $688,469,000. Amundi boosted its stake in shares of Elevance Health by 145.7% during the 1st quarter. Amundi now owns 2,693,664 shares of the company’s stock worth $788,570,000 after purchasing an additional 1,597,497 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in Elevance Health during the 2nd quarter valued at about $591,084,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In related news, CFO Mark Kaye sold 10,584 shares of the business’s stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $440.13, for a total value of $4,658,335.92. Following the completion of the transaction, the chief financial officer owned 19,919 shares of the company’s stock, valued at $8,766,949.47. The trade was a 34.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.34% of the stock is owned by insiders.

Elevance Health Stock Down 0.6%

Shares of ELV opened at $419.67 on Friday. The firm has a market capitalization of $90.67 billion, a P/E ratio of 17.90, a P/E/G ratio of 2.01 and a beta of 0.70. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $450.69. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.68. The firm has a fifty day moving average price of $410.62 and a 200-day moving average price of $372.32.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $6.99 earnings per share for the quarter, beating analysts’ consensus estimates of $4.71 by $2.28. The company had revenue of $50.44 billion during the quarter, compared to analyst estimates of $49.28 billion. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the business posted $6.03 EPS. Equities research analysts expect that Elevance Health, Inc. will post 29.18 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be paid a dividend of $1.72 per share. The ex-dividend date is Friday, December 4th. This represents a $6.88 annualized dividend and a dividend yield of 1.6%. Elevance Health’s dividend payout ratio (DPR) is currently 29.34%.

Analyst Ratings Changes

A number of research firms recently weighed in on ELV. Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Raymond James Financial set a $450.00 target price on Elevance Health in a research report on Tuesday, July 7th. Royal Bank Of Canada upped their target price on Elevance Health from $424.00 to $455.00 and gave the company a “sector perform” rating in a research note on Thursday, October 22nd. Barclays upped their target price on Elevance Health from $469.00 to $472.00 and gave the company an “overweight” rating in a research note on Thursday, October 22nd. Finally, TD Cowen increased their price target on Elevance Health from $465.00 to $495.00 and gave the stock a “buy” rating in a report on Friday, October 23rd. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $456.48.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.