Convergence Financial LLC Has $752,000 Holdings in Elevance Health, Inc. $ELV

Convergence Financial LLC lifted its position in Elevance Health, Inc. (NYSE:ELV) by 11.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,934 shares of the company’s stock after acquiring an additional 206 shares during the period. Convergence Financial LLC’s holdings in Elevance Health were worth $752,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC raised its stake in Elevance Health by 3.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company’s stock valued at $8,251,000 after acquiring an additional 790 shares during the period. World Investment Advisors boosted its holdings in shares of Elevance Health by 17.0% during the 2nd quarter. World Investment Advisors now owns 27,434 shares of the company’s stock worth $10,671,000 after buying an additional 3,988 shares during the period. Dynamic Advisor Solutions LLC grew its stake in Elevance Health by 11.3% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company’s stock valued at $3,125,000 after buying an additional 817 shares during the last quarter. Focus Partners Wealth increased its stake in shares of Elevance Health by 4.6% during the first quarter. Focus Partners Wealth now owns 22,446 shares of the company’s stock worth $9,764,000 after purchasing an additional 982 shares during the period. Finally, Asio Capital LLC lifted its holdings in Elevance Health by 7.1% during the 2nd quarter. Asio Capital LLC now owns 15,371 shares of the company’s stock worth $5,979,000 after purchasing an additional 1,015 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insiders Place Their Bets

In other news, Director Susan D. Devore purchased 1,200 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was bought at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $316.67 on Wednesday. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $458.75. The stock has a market capitalization of $70.38 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 1.23 and a beta of 0.59. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. The company’s 50 day simple moving average is $329.18 and its 200 day simple moving average is $346.39.

Elevance Health (NYSE:ELV) last released its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same period in the prior year, the company earned $8.37 earnings per share. The company’s quarterly revenue was up 12.0% on a year-over-year basis. As a group, research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health’s dividend payout ratio is presently 27.96%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ELV shares. Sanford C. Bernstein dropped their target price on Elevance Health from $445.00 to $420.00 and set an “outperform” rating for the company in a report on Thursday, October 16th. Leerink Partnrs cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 17th. Weiss Ratings upgraded shares of Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. TD Cowen lifted their price target on shares of Elevance Health from $330.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. Finally, Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, July 18th. Twelve investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $397.33.

Elevance Health 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.