Hobbs Group Advisors LLC Buys Shares of 304 Elevance Health, Inc. (NYSE:ELV)

Hobbs Group Advisors LLC bought a new stake in Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 304 shares of the company’s stock, valued at approximately $165,000.

Other institutional investors have also recently added to or reduced their stakes in the company. abrdn plc lifted its stake in Elevance Health by 86.8% in the fourth quarter. abrdn plc now owns 278,397 shares of the company’s stock valued at $131,281,000 after acquiring an additional 129,364 shares during the last quarter. Canoe Financial LP lifted its stake in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after buying an additional 517,116 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Elevance Health in the fourth quarter worth $218,000. Tower Research Capital LLC TRC lifted its stake in shares of Elevance Health by 114.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock worth $14,765,000 after buying an additional 16,737 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Elevance Health by 8.6% in the fourth quarter. Commonwealth Equity Services LLC now owns 55,262 shares of the company’s stock worth $26,060,000 after buying an additional 4,362 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ELV. Truist Financial boosted their price objective on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Bank of America reaffirmed a “neutral” rating and set a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Morgan Stanley initiated coverage on shares of Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a research report on Monday. Finally, Wells Fargo & Company dropped their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health has an average rating of “Buy” and an average target price of $604.29.

Insider Activity

In other news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value 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 approximately $63,478,674.82. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 in the last ninety days. 0.35% of the stock is owned by insiders.

Elevance Health Trading Down 0.1 %

Elevance Health stock traded down $0.35 during trading hours on Tuesday, reaching $543.04. 506,125 shares of the company’s stock traded hands, compared to its average volume of 1,039,813. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $555.35. The firm has a market capitalization of $126.21 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 1.18 and a beta of 0.84. The firm’s 50 day moving average is $529.93 and its 200-day moving average is $522.31.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. During the same period in the prior year, the company posted $9.04 EPS. The company’s revenue was down .4% compared to the same quarter last year. On average, analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a $1.63 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

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.