Elevance Health, Inc. $ELV Shares Sold by Professional Advisory Services Inc.

Professional Advisory Services Inc. decreased its stake in Elevance Health, Inc. (NYSE:ELV) by 10.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,657 shares of the company’s stock after selling 8,231 shares during the quarter. Elevance Health makes up 3.2% of Professional Advisory Services Inc.’s holdings, making the stock its 13th largest position. Professional Advisory Services Inc.’s holdings in Elevance Health were worth $26,552,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Elevation Wealth Partners LLC lifted its holdings in Elevance Health by 600.0% in the second quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after acquiring an additional 90 shares during the period. Czech National Bank grew its stake in shares of Elevance Health by 2.8% during the 2nd quarter. Czech National Bank now owns 61,813 shares of the company’s stock worth $23,905,000 after purchasing an additional 1,705 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Elevance Health by 160.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 299,374 shares of the company’s stock valued at $115,777,000 after purchasing an additional 184,595 shares in the last quarter. Apella Capital LLC increased its holdings in shares of Elevance Health by 2.6% during the 2nd quarter. Apella Capital LLC now owns 2,932 shares of the company’s stock valued at $1,228,000 after purchasing an additional 75 shares in the last quarter. Finally, 55 North Private Wealth LLC acquired a new position in shares of Elevance Health in the 2nd quarter valued at $221,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Trading Up 0.7%

ELV stock opened at $394.27 on Friday. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The business’s 50-day moving average is $396.55 and its 200 day moving average is $357.24. 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 stock has a market cap of $85.51 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 2.25 and a beta of 0.68.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business’s revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.84 earnings per share. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is 30.58%.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ELV has been the topic of several analyst reports. Guggenheim raised their price target on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. TD Cowen lifted their price target on Elevance Health from $400.00 to $465.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Royal Bank Of Canada reduced their price target on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a report on Thursday, July 16th. Finally, Sanford C. Bernstein set a $488.00 price objective on Elevance Health in a 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 company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.