Chung Wu Investment Group LLC Acquires New Position in Elevance Health, Inc. $ELV

Chung Wu Investment Group LLC acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 380 shares of the company’s stock, valued at approximately $148,000.

Other hedge funds also recently added to or reduced their stakes in the company. GLOBALT Investments LLC GA raised its holdings in Elevance Health by 0.4% during the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company’s stock worth $2,743,000 after purchasing an additional 24 shares during the last quarter. Elser Financial Planning Inc increased its position in shares of Elevance Health by 3.0% in the first quarter. Elser Financial Planning Inc now owns 882 shares of the company’s stock valued at $384,000 after buying an additional 26 shares in the last quarter. Checchi Capital Advisers LLC increased its position in shares of Elevance Health by 1.0% in the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company’s stock valued at $1,190,000 after buying an additional 27 shares in the last quarter. Hemington Wealth Management raised its stake in shares of Elevance Health by 13.3% during the 1st quarter. Hemington Wealth Management now owns 230 shares of the company’s stock worth $100,000 after buying an additional 27 shares during the last quarter. Finally, Aspen Investment Management Inc boosted its position in shares of Elevance Health by 2.6% in the 1st quarter. Aspen Investment Management Inc now owns 1,048 shares of the company’s stock worth $456,000 after buying an additional 27 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Up 3.2%

ELV stock opened at $351.11 on Monday. The company has a 50 day moving average price of $307.98 and a two-hundred day moving average price of $360.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market capitalization of $79.06 billion, a P/E ratio of 14.94, a PEG ratio of 1.28 and a beta of 0.59. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $510.24.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.Elevance Health’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter last year, the business earned $10.12 EPS. As a group, sell-side analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th were issued a $1.71 dividend. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 1.9%. Elevance Health’s payout ratio is 29.11%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ELV shares. JPMorgan Chase & Co. dropped their target price on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a report on Tuesday, July 22nd. Leerink Partnrs lowered shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 17th. UBS Group cut their price objective on Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a research report on Friday, September 5th. Barclays upped their target price on Elevance Health from $327.00 to $373.00 and gave the company an “overweight” rating in a research note on Thursday, September 4th. Finally, Robert W. Baird dropped their price target on Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a research report on Friday, July 25th. Twelve research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $411.06.

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux acquired 8,500 shares of the business’s stock in a transaction dated Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Susan D. Devore bought 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company’s stock.

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.