MGB Wealth Management LLC Purchases Shares of 726 Elevance Health, Inc. (NYSE:ELV)

MGB Wealth Management LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 726 shares of the company’s stock, valued at approximately $377,000.

Several other large investors have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of Elevance Health in the fourth quarter worth about $1,347,434,000. Massachusetts Financial Services Co. MA purchased a new position in shares of Elevance Health in the 4th quarter valued at $467,141,000. Canoe Financial LP increased 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 valued at $398,054,000 after acquiring an additional 517,116 shares during the period. Morningstar Investment Services LLC acquired a new stake in shares of Elevance Health in the 4th quarter worth $239,244,000. Finally, Focused Investors Fund L P acquired a new stake in shares of Elevance Health in the 1st quarter worth $249,884,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Trading Up 0.5 %

Shares of NYSE:ELV traded up $2.46 during trading on Friday, hitting $536.28. 270,668 shares of the company’s stock were exchanged, compared to its average volume of 1,006,635. The firm has a market cap of $124.64 billion, a P/E ratio of 20.17, a PEG ratio of 1.18 and a beta of 0.84. The firm has a 50-day moving average price of $534.30 and a two-hundred day moving average price of $512.43. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health, Inc. has a 1-year low of $414.79 and a 1-year high of $550.34.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results 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 firm had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same period in the prior year, the firm posted $9.46 earnings per share. The company’s quarterly revenue was up .9% compared to the same quarter last year. Equities analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Stephens reiterated an “overweight” rating and set a $615.00 price objective on shares of Elevance Health in a research note on Tuesday, June 11th. Morgan Stanley started coverage on Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 price target on the stock. UBS Group increased their target price on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday, April 19th. Robert W. Baird assumed coverage on shares of Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 target price for the company. Finally, Royal Bank of Canada increased their target price on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, April 19th. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Elevance Health presently has a consensus rating of “Buy” and a consensus target price of $611.36.

Insiders Place Their Bets

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 0.35% of the company’s stock.

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.