Advisory Services Network LLC Increases Holdings in Elevance Health Inc. (NYSE:ELV)

Advisory Services Network LLC grew its holdings in shares of Elevance Health Inc. (NYSE:ELVGet Rating) by 11.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,810 shares of the company’s stock after buying an additional 481 shares during the quarter. Advisory Services Network LLC’s holdings in Elevance Health were worth $2,362,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ELV. Verity Asset Management Inc. grew its holdings in Elevance Health by 5.8% during the 1st quarter. Verity Asset Management Inc. now owns 1,276 shares of the company’s stock valued at $632,000 after purchasing an additional 70 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in Elevance Health by 9.1% during the 1st quarter. Neuberger Berman Group LLC now owns 696,117 shares of the company’s stock valued at $342,027,000 after purchasing an additional 57,948 shares during the last quarter. Sanders Capital LLC grew its holdings in Elevance Health by 1.0% during the 1st quarter. Sanders Capital LLC now owns 4,081,861 shares of the company’s stock valued at $2,206,855,000 after purchasing an additional 39,260 shares during the last quarter. EP Wealth Advisors LLC bought a new position in Elevance Health during the 1st quarter valued at about $783,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Elevance Health by 3.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 727,085 shares of the company’s stock valued at $358,230,000 after purchasing an additional 20,946 shares during the last quarter. 89.86% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of ELV opened at $480.23 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.37 and a quick ratio of 1.36. The company’s fifty day moving average price is $481.97 and its 200-day moving average price is $486.22. Elevance Health Inc. has a 1-year low of $363.37 and a 1-year high of $533.68. The firm has a market capitalization of $115.26 billion, a PE ratio of 19.26, a price-to-earnings-growth ratio of 1.41 and a beta of 0.89.

Elevance Health (NYSE:ELVGet Rating) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $8.04 earnings per share for the quarter, beating the consensus estimate of $7.72 by $0.32. The business had revenue of $38.48 billion for the quarter, compared to the consensus estimate of $38.05 billion. Elevance Health had a return on equity of 19.20% and a net margin of 4.09%. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $7.03 EPS. On average, equities research analysts predict that Elevance Health Inc. will post 28.82 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 9th will be paid a dividend of $1.28 per share. The ex-dividend date is Thursday, September 8th. This represents a $5.12 annualized dividend and a yield of 1.07%. Elevance Health’s payout ratio is presently 20.53%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. SVB Leerink upgraded shares of Elevance Health from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $490.00 to $580.00 in a research note on Monday, August 22nd. StockNews.com assumed coverage on shares of Elevance Health in a research note on Thursday, July 7th. They issued a “strong-buy” rating on the stock. Sanford C. Bernstein assumed coverage on shares of Elevance Health in a research note on Thursday, May 26th. They issued an “outperform” rating and a $596.00 target price on the stock. Morgan Stanley dropped their target price on shares of Elevance Health from $533.00 to $485.00 and set an “equal weight” rating on the stock in a research note on Monday, July 25th. Finally, Royal Bank of Canada dropped their target price on shares of Elevance Health from $544.00 to $505.00 in a research note on Thursday, July 21st. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $563.38.

About Elevance Health

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Elevance Health Inc operates as a health benefits company. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives. It serves approximately 118 million people through a portfolio of medical, digital, pharmacy, behavioral, clinical, and care solutions.

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Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

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