Kingsview Wealth Management LLC Grows Position in Elevance Health, Inc. (NYSE:ELV)

Kingsview Wealth Management LLC grew its stake in Elevance Health, Inc. (NYSE:ELV) by 23.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,476 shares of the company’s stock after acquiring an additional 2,929 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Elevance Health were worth $7,298,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ELV. OFI Invest Asset Management acquired a new stake in shares of Elevance Health during the 3rd quarter worth about $25,000. Alaska Permanent Fund Corp acquired a new stake in Elevance Health during the fourth quarter worth approximately $31,000. Hexagon Capital Partners LLC grew its stake in Elevance Health by 63.0% in the 4th quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock worth $35,000 after acquiring an additional 29 shares during the period. ORG Partners LLC acquired a new position in Elevance Health in the 4th quarter valued at $40,000. Finally, Orion Capital Management LLC purchased a new position in shares of Elevance Health during the 3rd quarter worth $46,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ELV shares. UBS Group lifted their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Truist Financial reaffirmed a “buy” rating and set a $600.00 price objective (up previously from $580.00) on shares of Elevance Health in a research note on Friday, April 19th. Wells Fargo & Company raised their target price on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Mizuho upped their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Finally, Barclays upped their price target on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $587.42.

Elevance Health Trading Up 0.7 %

Shares of Elevance Health stock traded up $3.82 during trading hours on Friday, hitting $547.71. The company’s stock had a trading volume of 897,567 shares, compared to its average volume of 924,119. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $547.99. The business has a fifty day moving average of $520.57 and a 200 day moving average of $494.72. The company has a market capitalization of $127.30 billion, a PE ratio of 20.70, a P/E/G ratio of 1.20 and a beta of 0.79. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same quarter in the prior year, the business earned $9.46 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. As a group, equities analysts forecast that Elevance Health, Inc. will post 37.26 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be paid a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.19%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Activity

In other news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at $16,791,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.35% of the company’s stock.

About Elevance Health

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.