C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Acquires 583 Shares of Elevance Health, Inc. (NYSE:ELV)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 93.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,208 shares of the company’s stock after acquiring an additional 583 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Elevance Health were worth $626,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELV. Norges Bank purchased a new position in Elevance Health in the 4th quarter worth approximately $1,347,434,000. Massachusetts Financial Services Co. MA purchased a new stake in Elevance Health during the fourth quarter valued at about $467,141,000. Canoe Financial LP boosted its holdings in shares of Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after purchasing an additional 517,116 shares in the last quarter. Morningstar Investment Services LLC bought a new position in shares of Elevance Health during the 4th quarter valued at about $239,244,000. Finally, Focused Investors Fund L P purchased a new position in shares of Elevance Health during the 1st quarter valued at about $249,884,000. 89.24% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the sale, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by company insiders.

Elevance Health Stock Performance

Shares of ELV traded up $5.09 on Wednesday, reaching $534.33. The company’s stock had a trading volume of 408,724 shares, compared to its average volume of 1,011,382. The stock’s 50 day simple moving average is $533.94 and its two-hundred day simple moving average is $512.12. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market capitalization of $124.19 billion, a P/E ratio of 20.14, a PEG ratio of 1.16 and a beta of 0.84. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $550.34.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter in the previous year, the firm posted $9.46 EPS. The company’s revenue for the quarter was up .9% compared to the same quarter last year. Research analysts forecast that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were paid a dividend of $1.63 per share. The ex-dividend date was Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ELV. Jefferies Financial Group boosted their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Royal Bank of Canada raised their price objective on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, April 19th. Robert W. Baird assumed coverage on Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price for the company. Baird R W upgraded Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. boosted their price objective on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $611.36.

Elevance Health 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.