AE Wealth Management LLC Sells 587 Shares of Elevance Health, Inc. $ELV

AE Wealth Management LLC decreased its position in Elevance Health, Inc. (NYSE:ELV) by 16.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,008 shares of the company’s stock after selling 587 shares during the quarter. AE Wealth Management LLC’s holdings in Elevance Health were worth $1,170,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELV. Cornerstone Investment Partners LLC raised its holdings in Elevance Health by 9.0% in the 2nd quarter. Cornerstone Investment Partners LLC now owns 194,029 shares of the company’s stock valued at $75,470,000 after acquiring an additional 16,081 shares during the period. Vestmark Advisory Solutions Inc. bought a new position in shares of Elevance Health in the 2nd quarter valued at $730,000. Malaga Cove Capital LLC bought a new position in shares of Elevance Health in the second quarter worth about $328,000. Modera Wealth Management LLC increased its holdings in shares of Elevance Health by 47.2% during the second quarter. Modera Wealth Management LLC now owns 34,999 shares of the company’s stock worth $13,613,000 after buying an additional 11,220 shares in the last quarter. Finally, Cetera Trust Company N.A raised its position in Elevance Health by 2.0% in the second quarter. Cetera Trust Company N.A now owns 4,181 shares of the company’s stock valued at $1,626,000 after purchasing an additional 80 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ELV has been the topic of a number of recent analyst reports. Wall Street Zen lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, July 18th. Truist Financial set a $400.00 price target on shares of Elevance Health in a research note on Tuesday, October 14th. JPMorgan Chase & Co. raised their price objective on Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Cowen reissued a “buy” rating on shares of Elevance Health in a research report on Thursday, October 23rd. Finally, Wells Fargo & Company lowered their price target on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. Twelve equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Elevance Health currently has an average rating of “Hold” and a consensus price target of $397.33.

Insider Activity at Elevance Health

In related news, Director Susan D. Devore purchased 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Trading Up 4.0%

Shares of ELV stock opened at $327.89 on Thursday. The stock has a market capitalization of $72.87 billion, a PE ratio of 13.40, a P/E/G ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $458.75. 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 business has a 50-day moving average of $329.09 and a 200 day moving average of $342.54.

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

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 27.96%.

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.