Proficio Capital Partners LLC Makes New $542,000 Investment in Elevance Health, Inc. $ELV

Proficio Capital Partners LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,400 shares of the company’s stock, valued at approximately $542,000.

Several other hedge funds have also recently modified their holdings of the stock. WealthCollab LLC boosted its stake in Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after purchasing an additional 27 shares in the last quarter. Signet Financial Management LLC increased its stake in Elevance Health by 3.5% during the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock valued at $245,000 after purchasing an additional 28 shares in the last quarter. Sapient Capital LLC increased its stake in Elevance Health by 1.2% during the 1st quarter. Sapient Capital LLC now owns 2,612 shares of the company’s stock valued at $765,000 after purchasing an additional 31 shares in the last quarter. Mutual Advisors LLC raised its holdings in shares of Elevance Health by 1.4% in the fourth quarter. Mutual Advisors LLC now owns 2,290 shares of the company’s stock worth $803,000 after buying an additional 32 shares during the last quarter. Finally, Waddell & Associates LLC raised its holdings in shares of Elevance Health by 2.6% in the fourth quarter. Waddell & Associates LLC now owns 1,241 shares of the company’s stock worth $435,000 after buying an additional 32 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Down 0.8%

ELV stock opened at $399.17 on Friday. The firm’s fifty day simple moving average is $395.23 and its 200-day simple moving average is $361.82. The company has a market capitalization of $86.57 billion, a P/E ratio of 17.74, a price-to-earnings-growth ratio of 2.30 and a beta of 0.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.84 earnings per share. As a group, equities research analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio (DPR) is presently 30.58%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Barclays dropped their price objective on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating on the stock in a report on Thursday, July 16th. UBS Group raised their target price on Elevance Health from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a research report on Thursday, July 16th. Guggenheim boosted their price target on Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Finally, TD Cowen increased their price objective on Elevance Health from $400.00 to $465.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares of the company’s stock, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.34% of the stock is currently owned by company insiders.

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.