Patrick M Sweeney & Associates Inc. Buys Shares of 1,218 Elevance Health, Inc. (NYSE:ELV)

Patrick M Sweeney & Associates Inc. acquired a new position in Elevance Health, Inc. (NYSE:ELV) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 1,218 shares of the company’s stock, valued at approximately $574,000.

Several other hedge funds also recently made changes to their positions in ELV. OFI Invest Asset Management acquired a new position in shares of Elevance Health in the 3rd quarter worth approximately $25,000. Alaska Permanent Fund Corp acquired a new position in shares of Elevance Health in the fourth quarter worth about $31,000. Hexagon Capital Partners LLC boosted its holdings in shares of Elevance Health by 63.0% in the fourth quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock worth $35,000 after buying an additional 29 shares during the period. ORG Partners LLC acquired a new position in shares of Elevance Health in the fourth quarter worth about $40,000. Finally, Orion Capital Management LLC acquired a new position in shares of Elevance Health in the third quarter worth about $46,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insiders Place Their Bets

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health 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 owns 31,460 shares in the company, valued at $16,791,460.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

ELV stock traded down $2.82 on Wednesday, reaching $533.35. 776,999 shares of the company were exchanged, compared to its average volume of 1,042,811. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $542.07. The stock’s fifty day moving average price is $514.57 and its 200 day moving average price is $490.26. The firm has a market capitalization of $123.96 billion, a PE ratio of 20.18, a PEG ratio of 1.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping 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 business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same quarter in the previous year, the firm posted $9.46 earnings per share. Elevance Health’s revenue was up .9% compared to the same quarter last year. On average, research analysts anticipate that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Elevance Health Announces Dividend

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

Analysts Set New Price Targets

ELV has been the subject of several research reports. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a research report on Wednesday, April 10th. Jefferies Financial Group lifted their price target on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Truist Financial reissued a “buy” rating and issued a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Finally, UBS Group lifted their price target on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research report on Friday, April 19th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $587.42.

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.