Patriot Financial Group Insurance Agency LLC Grows Position in Elevance Health, Inc. (NYSE:ELV)

Patriot Financial Group Insurance Agency LLC grew its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 12.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,012 shares of the company’s stock after purchasing an additional 456 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Elevance Health were worth $2,174,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank & Trust Co acquired a new stake in shares of Elevance Health during the 2nd quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health in the second quarter valued at $28,000. Palisade Asset Management LLC purchased a new position in shares of Elevance Health in the first quarter valued at $28,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Elevance Health during the 4th quarter worth $28,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Elevance Health in the 1st quarter worth about $32,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction on Monday, July 22nd. The stock was 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 of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,058 shares of company stock valued at $17,588,116. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Up 0.7 %

Shares of NYSE ELV traded up $3.80 during midday trading on Tuesday, reaching $548.43. 456,526 shares of the company’s stock were exchanged, compared to its average volume of 1,022,597. The business’s fifty day moving average price is $530.81 and its two-hundred day moving average price is $524.00. Elevance Health, Inc. has a 52-week low of $431.38 and a 52-week high of $555.35. The stock has a market capitalization of $127.47 billion, a PE ratio of 20.73, 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.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $43.22 billion during the quarter, compared to analyst estimates of $42.99 billion. During the same period last year, the business earned $9.04 EPS. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. Analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.19%. Elevance Health’s payout ratio is 24.64%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ELV. TD Cowen cut their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research report on Friday, July 19th. Bank of America reaffirmed a “neutral” rating and set a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Royal Bank of Canada upped their price objective on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Finally, Baird R W upgraded Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Elevance Health has an average rating of “Buy” and a consensus target price of $604.29.

Elevance Health Company Profile

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.