Raymond James & Associates grew its holdings in Elevance Health, Inc. (NYSE:ELV – Get Rating) by 20.1% in the first quarter, HoldingsChannel reports. The institutional investors owned 194,612 shares of the company’s stock after acquiring an additional 32,569 shares during the period. Raymond James & Associates’ holdings in Elevance Health were worth $89,484,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the business. Sumitomo Life Insurance Co. acquired a new stake in Elevance Health during the fourth quarter valued at approximately $1,760,000. Fiduciary Alliance LLC bought a new stake in Elevance Health in the fourth quarter valued at $275,000. Creative Financial Designs Inc. ADV acquired a new position in Elevance Health during the fourth quarter worth $303,000. Pacer Advisors Inc. bought a new position in shares of Elevance Health during the fourth quarter valued at $430,000. Finally, Park Avenue Securities LLC acquired a new stake in shares of Elevance Health in the 4th quarter valued at $3,078,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equity analysts recently issued reports on ELV shares. StockNews.com initiated coverage on shares of Elevance Health in a report on Thursday, May 18th. They set a “strong-buy” rating for the company. Royal Bank of Canada raised Elevance Health from a “sector performing” rating to an “outperforming” rating and boosted their target price for the stock from $523.00 to $572.00 in a report on Tuesday, March 28th. 22nd Century Group reaffirmed an “upgrade” rating on shares of Elevance Health in a report on Thursday, April 27th. Loop Capital reduced their price objective on Elevance Health from $565.00 to $550.00 and set a “buy” rating on the stock in a research note on Friday, April 21st. Finally, TD Cowen lowered their target price on Elevance Health from $577.00 to $564.00 and set an “outperform” rating for the company in a research note on Thursday, April 20th. One equity research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $569.27.
Elevance Health Trading Up 0.1 %
ELV opened at $450.40 on Monday. The firm has a 50 day simple moving average of $458.17 and a 200 day simple moving average of $475.39. Elevance Health, Inc. has a fifty-two week low of $428.87 and a fifty-two week high of $549.52. The company has a market cap of $106.77 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 1.14 and a beta of 0.85. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.43 and a quick ratio of 1.43.
Elevance Health (NYSE:ELV – Get Rating) last issued its earnings results on Wednesday, April 19th. The company reported $9.46 EPS for the quarter, beating the consensus estimate of $9.26 by $0.20. Elevance Health had a net margin of 3.86% and a return on equity of 20.05%. The company had revenue of $41.90 billion during the quarter, compared to analysts’ expectations of $40.93 billion. During the same quarter in the previous year, the company posted $8.25 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 32.78 earnings per share for the current year.
Elevance Health Announces Dividends
The business also recently announced a quarterly dividend, which was paid on Friday, June 23rd. Shareholders of record on Friday, June 9th were issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Thursday, June 8th. Elevance Health’s dividend payout ratio (DPR) is currently 23.04%.
Elevance Health Profile
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Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. It operates through the following segments: Commercial and Specialty Business, Government Business, CarelonRx, and Other. The Commercial and Specialty Business segment provides insurance products and services such as stop loss, dental, vision, life, disability and supplemental health insurance.
Further Reading
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