B. Riley Wealth Advisors Inc. Makes New Investment in Elevance Health, Inc. $ELV

B. Riley Wealth Advisors Inc. bought a new stake in Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,574 shares of the company’s stock, valued at approximately $612,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cape Investment Advisory Inc. grew its position in Elevance Health by 4.3% in the second quarter. Cape Investment Advisory Inc. now owns 3,957 shares of the company’s stock valued at $1,539,000 after acquiring an additional 163 shares in the last quarter. Advisory Services Network LLC boosted its stake in shares of Elevance Health by 68.3% in the second quarter. Advisory Services Network LLC now owns 3,833 shares of the company’s stock valued at $1,491,000 after purchasing an additional 1,556 shares during the period. Anchor Investment Management LLC boosted its stake in shares of Elevance Health by 6.0% in the second quarter. Anchor Investment Management LLC now owns 6,878 shares of the company’s stock valued at $2,675,000 after purchasing an additional 388 shares during the period. State of Wyoming acquired a new stake in Elevance Health during the 2nd quarter valued at $127,000. Finally, Asset Dedication LLC increased its stake in Elevance Health by 29.0% during the 2nd quarter. Asset Dedication LLC now owns 2,648 shares of the company’s stock worth $1,030,000 after buying an additional 595 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ELV. Morgan Stanley upped their price objective on shares of Elevance Health from $316.00 to $359.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 14th. JPMorgan Chase & Co. increased their price target on Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Zacks Research upgraded Elevance Health from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. The Goldman Sachs Group initiated coverage on Elevance Health in a research report on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 target price on the stock. Finally, UBS Group reduced their target price on Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a research note on Friday, September 5th. Twelve investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and a consensus target price of $400.83.

Elevance Health Stock Performance

ELV stock opened at $352.06 on Wednesday. The stock’s 50 day simple moving average is $335.42 and its 200 day simple moving average is $331.37. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $458.75. The firm has a market cap of $78.24 billion, a P/E ratio of 14.39, a P/E/G ratio of 1.67 and a beta of 0.52. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last released its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, beating the consensus estimate of $5.03 by $1.00. The firm had revenue of $50.09 billion during 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 firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.37 earnings per share. As a group, equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm 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 dividend of $1.71 per share. The ex-dividend date is Friday, December 5th. This represents a $6.84 annualized dividend and a yield of 1.9%. Elevance Health’s dividend payout ratio 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.