Manchester Capital Management LLC Boosts Holdings in Elevance Health, Inc. (NYSE:ELV)

Manchester Capital Management LLC grew its position in Elevance Health, Inc. (NYSE:ELV) by 5.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 875 shares of the company’s stock after purchasing an additional 44 shares during the period. Manchester Capital Management LLC’s holdings in Elevance Health were worth $454,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Palisade Asset Management LLC purchased a new stake in Elevance Health in the first quarter valued at about $28,000. Pin Oak Investment Advisors Inc. purchased a new stake in Elevance Health during the 4th quarter worth approximately $28,000. Register Financial Advisors LLC acquired a new position in Elevance Health during the 1st quarter valued at approximately $32,000. Alaska Permanent Fund Corp purchased a new position in Elevance Health in the 4th quarter worth $31,000. Finally, Beaird Harris Wealth Management LLC acquired a new stake in Elevance Health during the 4th quarter worth about $32,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ELV. Mizuho raised their price objective on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Wells Fargo & Company lifted their price objective on shares of Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Robert W. Baird started coverage on shares of Elevance Health in a report on Thursday, May 30th. They set an “outperform” rating and a $649.00 target price for the company. Bank of America increased their price target on Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Finally, UBS Group boosted their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $611.36.

Elevance Health Price Performance

Shares of NYSE ELV traded up $0.21 during mid-day trading on Friday, reaching $534.03. The company’s stock had a trading volume of 138,159 shares, compared to its average volume of 1,005,639. The stock has a market capitalization of $124.12 billion, a P/E ratio of 20.17, a P/E/G ratio of 1.18 and a beta of 0.84. Elevance Health, Inc. has a 1-year low of $414.79 and a 1-year high of $550.34. The stock has a 50-day moving average of $534.30 and a two-hundred day moving average of $512.43. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37.

Elevance Health (NYSE:ELV) last posted 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. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same period in the prior year, the business earned $9.46 earnings per share. The business’s revenue was up .9% compared to the same quarter last year. On average, equities research analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were issued a dividend of $1.63 per share. The ex-dividend date was Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Activity

In related news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the sale, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.35% of the company’s stock.

About Elevance Health

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.