Old Port Advisors Takes $213,000 Position in Elevance Health, Inc. (NYSE:ELV)

Old Port Advisors bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 410 shares of the company’s stock, valued at approximately $213,000.

Other large investors have also recently added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Elevance Health in the fourth quarter valued at $28,000. Palisade Asset Management LLC purchased a new stake in Elevance Health in the 1st quarter valued at approximately $28,000. Alaska Permanent Fund Corp purchased a new position in Elevance Health in the fourth quarter worth $31,000. Beaird Harris Wealth Management LLC acquired a new stake in shares of Elevance Health in the fourth quarter valued at about $32,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Elevance Health during the 1st quarter worth approximately $32,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on ELV. TD Cowen reduced their price objective on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. Mizuho lifted their price objective on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Stephens reiterated an “overweight” rating and issued a $615.00 target price on shares of Elevance Health in a research report on Tuesday, June 11th. Robert W. Baird initiated coverage on Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price on the stock. Finally, Truist Financial upped their target price on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. 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 stock. According to MarketBeat.com, Elevance Health has an average rating of “Buy” and an average target price of $604.29.

Elevance Health Price Performance

Shares of NYSE ELV traded up $2.94 during midday trading on Friday, reaching $535.17. 874,644 shares of the company were exchanged, compared to its average volume of 1,331,405. The stock’s 50-day moving average price is $529.51 and its 200-day moving average price is $518.01. The stock has a market cap of $124.10 billion, a P/E ratio of 20.23, a PEG ratio of 1.18 and a beta of 0.84. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $555.35. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58.

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

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Insider Transactions at Elevance Health

In other news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at approximately $63,478,674.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. Corporate 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.