Rehmann Capital Advisory Group Acquires 649 Shares of Elevance Health, Inc. (NYSE:ELV)

Rehmann Capital Advisory Group raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 33.3% during the first quarter, Holdings Channel.com reports. The fund owned 2,600 shares of the company’s stock after buying an additional 649 shares during the period. Rehmann Capital Advisory Group’s holdings in Elevance Health were worth $1,349,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. abrdn plc increased its holdings in shares of Elevance Health by 86.8% in the fourth quarter. abrdn plc now owns 278,397 shares of the company’s stock worth $131,281,000 after purchasing an additional 129,364 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of Elevance Health by 21.3% in the fourth quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock worth $24,663,000 after purchasing an additional 9,199 shares during the last quarter. Canoe Financial LP increased its holdings in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after purchasing an additional 517,116 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Elevance Health in the fourth quarter worth about $218,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Elevance Health by 114.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock worth $14,765,000 after purchasing an additional 16,737 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ELV shares. Baird R W raised Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. JPMorgan Chase & Co. lifted their price target on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Royal Bank of Canada lifted their price target on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th. Jefferies Financial Group lifted their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Finally, UBS Group lifted their price target on Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $611.36.

Insider Buying and Selling

In related news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is currently owned by insiders.

Elevance Health Trading Up 0.4 %

Shares of NYSE:ELV traded up $2.12 during trading hours on Wednesday, hitting $531.36. 276,361 shares of the company’s stock traded hands, compared to its average volume of 1,010,371. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market capitalization of $123.50 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84. The business has a fifty day moving average price of $533.94 and a 200-day moving average price of $512.12. Elevance Health, Inc. has a 1 year low of $412.00 and a 1 year high of $550.34.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The firm had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. Elevance Health’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.46 earnings per share. Equities analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

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.