Envestnet Portfolio Solutions Inc. Buys 67 Shares of Elevance Health, Inc. (NYSE:ELV)

Envestnet Portfolio Solutions Inc. increased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 0.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,356 shares of the company’s stock after acquiring an additional 67 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Elevance Health were worth $16,991,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Bank & Trust Co bought a new position in shares of Elevance Health during the 2nd quarter worth approximately $27,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Elevance Health in the fourth quarter valued at $28,000. Palisade Asset Management LLC acquired a new position in shares of Elevance Health in the first quarter valued at $28,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the 2nd quarter worth about $28,000. Finally, Alaska Permanent Fund Corp bought a new stake in shares of Elevance Health during the 4th quarter worth about $31,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the sale, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 in the last quarter. Insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on ELV shares. Truist Financial increased their price target on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, July 15th. Jefferies Financial Group lifted their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Morgan Stanley assumed coverage on Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective on the stock. Barclays dropped their target price on Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a report on Thursday, July 18th. Finally, Robert W. Baird assumed coverage on shares of Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health presently has an average rating of “Buy” and a consensus target price of $604.29.

Elevance Health Price Performance

Shares of NYSE ELV traded up $0.73 during trading hours on Thursday, hitting $539.95. 236,470 shares of the stock were exchanged, compared to its average volume of 1,041,083. Elevance Health, Inc. has a 1-year low of $431.38 and a 1-year high of $555.35. The company has a market cap of $125.49 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 1.18 and a beta of 0.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The company’s fifty day simple moving average is $529.68 and its two-hundred day simple moving average is $521.03.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. The company had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. Elevance Health’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.04 EPS. On average, sell-side analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio is 24.64%.

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.