Miracle Mile Advisors LLC Has $682,000 Stake in Elevance Health, Inc. (NYSE:ELV)

Miracle Mile Advisors LLC trimmed its holdings in Elevance Health, Inc. (NYSE:ELVFree Report) by 54.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,446 shares of the company’s stock after selling 1,695 shares during the period. Miracle Mile Advisors LLC’s holdings in Elevance Health were worth $682,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bison Wealth LLC raised its position in Elevance Health by 7.0% during the second quarter. Bison Wealth LLC now owns 6,250 shares of the company’s stock valued at $2,777,000 after purchasing an additional 410 shares in the last quarter. Catalyst Financial Partners LLC raised its position in Elevance Health by 12.4% during the third quarter. Catalyst Financial Partners LLC now owns 662 shares of the company’s stock valued at $288,000 after purchasing an additional 73 shares in the last quarter. Nordea Investment Management AB raised its position in Elevance Health by 0.5% during the fourth quarter. Nordea Investment Management AB now owns 1,632,123 shares of the company’s stock valued at $768,387,000 after purchasing an additional 8,314 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Elevance Health by 8.5% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 75,825 shares of the company’s stock valued at $35,756,000 after purchasing an additional 5,954 shares in the last quarter. Finally, Prana Capital Management LP acquired a new position in Elevance Health during the second quarter valued at approximately $21,305,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Shares of ELV opened at $499.22 on Wednesday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $116.17 billion, a P/E ratio of 19.83, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78. The firm’s fifty day simple moving average is $504.08 and its two-hundred day simple moving average is $477.50. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $521.18.

Elevance Health (NYSE:ELVGet Free Report) last announced its quarterly earnings data on Wednesday, January 24th. The company reported $5.62 earnings per share for the quarter, beating the consensus estimate of $5.60 by $0.02. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The firm had revenue of $42.45 billion for the quarter, compared to analyst estimates of $42.19 billion. During the same quarter in the prior year, the business earned $5.23 earnings per share. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. As a group, analysts predict that Elevance Health, Inc. will post 37.15 EPS for the current year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s dividend payout ratio is currently 25.90%.

Insider Buying and Selling

In related news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the sale, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on ELV. Royal Bank of Canada boosted their price objective on shares of Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Barclays initiated coverage on shares of Elevance Health in a research note on Wednesday, March 6th. They set an “overweight” rating and a $584.00 target price on the stock. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Finally, Cantor Fitzgerald boosted their target price on shares of Elevance Health from $547.00 to $580.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus target price of $569.36.

Read Our Latest Stock Report on Elevance Health

Elevance Health Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

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