Legacy Advisors LLC Has $646,000 Position in Elevance Health, Inc. (NYSE:ELV)

Legacy Advisors LLC increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 10.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,193 shares of the company’s stock after purchasing an additional 117 shares during the period. Legacy Advisors LLC’s holdings in Elevance Health were worth $646,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Bank & Trust Co bought a new stake in shares of Elevance Health in the second quarter valued at approximately $27,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Elevance Health during the 4th quarter worth about $28,000. Palisade Asset Management LLC acquired a new position in shares of Elevance Health during the first quarter valued at about $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health in the second quarter valued at about $28,000. Finally, Beaird Harris Wealth Management LLC acquired a new stake in Elevance Health during the fourth quarter worth about $32,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of research reports. Truist Financial raised their price objective on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Robert W. Baird began coverage on shares of Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 price objective on shares of Elevance Health in a research note on Monday, August 19th. Wells Fargo & Company reduced their price objective on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Finally, Barclays lowered their price target on Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a research report on Thursday, July 18th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $604.29.

Insider Activity at Elevance Health

In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health 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 sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock worth $17,588,116 over the last ninety days. Company insiders own 0.35% of the company’s stock.

Elevance Health Price Performance

Shares of ELV traded up $4.80 during mid-day trading on Friday, hitting $556.89. 1,226,379 shares of the company traded hands, compared to its average volume of 1,017,118. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $129.43 billion, a price-to-earnings ratio of 21.05, a PEG ratio of 1.18 and a beta of 0.84. The business has a 50-day moving average of $532.50 and a 200 day moving average of $525.04. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $557.60.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. During the same period last year, the firm earned $9.04 EPS. The business’s revenue for the quarter was down .4% on a year-over-year basis. As a group, equities analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.17%. 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.