Empower Advisory Group LLC Cuts Stake in Elevance Health, Inc. $ELV

Empower Advisory Group LLC lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 5.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,902 shares of the company’s stock after selling 173 shares during the period. Empower Advisory Group LLC’s holdings in Elevance Health were worth $1,129,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ELV. Verdence Capital Advisors LLC boosted its holdings in Elevance Health by 3.9% during the second quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company’s stock worth $8,251,000 after buying an additional 790 shares in the last quarter. World Investment Advisors lifted its position in shares of Elevance Health by 17.0% during the 2nd quarter. World Investment Advisors now owns 27,434 shares of the company’s stock valued at $10,671,000 after acquiring an additional 3,988 shares during the period. Dynamic Advisor Solutions LLC boosted its stake in shares of Elevance Health by 11.3% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company’s stock worth $3,125,000 after acquiring an additional 817 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Elevance Health by 4.6% in the 1st quarter. Focus Partners Wealth now owns 22,446 shares of the company’s stock worth $9,764,000 after acquiring an additional 982 shares during the period. Finally, Generate Investment Management Ltd increased its stake in Elevance Health by 164.4% in the 2nd quarter. Generate Investment Management Ltd now owns 98,052 shares of the company’s stock valued at $38,138,000 after purchasing an additional 60,963 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Price Performance

Elevance Health stock opened at $325.94 on Monday. The stock has a market capitalization of $72.44 billion, a P/E ratio of 13.33, a P/E/G ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $458.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. The firm’s 50-day moving average is $329.73 and its two-hundred day moving average is $340.77.

Elevance Health (NYSE:ELV) last announced its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.03 by $1.00. The firm had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. Elevance Health’s revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the business earned $8.37 earnings per share. Equities analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 27.96%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ELV. Mizuho decreased their target price on Elevance Health from $420.00 to $400.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Bank of America boosted their price objective on shares of Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a research report on Friday, October 10th. JPMorgan Chase & Co. raised their target price on shares of Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Guggenheim lifted their target price on shares of Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Finally, Morgan Stanley increased their price target on shares of Elevance Health from $316.00 to $359.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 14th. Twelve analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Elevance Health presently has an average rating of “Hold” and an average price target of $397.33.

Insider Buying and Selling

In related news, Director Susan D. Devore bought 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Elevance Health Company 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.