Riverbend Wealth Management LLC Acquires 229 Shares of Elevance Health, Inc. $ELV

Riverbend Wealth Management LLC lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 49.6% during the second quarter, Holdings Channel reports. The fund owned 691 shares of the company’s stock after buying an additional 229 shares during the quarter. Riverbend Wealth Management LLC’s holdings in Elevance Health were worth $269,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ELV. Oxbow Advisors LLC raised its holdings in shares of Elevance Health by 5.1% during the second quarter. Oxbow Advisors LLC now owns 12,506 shares of the company’s stock valued at $4,864,000 after purchasing an additional 602 shares during the period. Harbor Asset Planning Inc. acquired a new position in shares of Elevance Health during the second quarter worth approximately $107,000. Barlow Wealth Partners Inc. lifted its holdings in shares of Elevance Health by 762.7% in the 2nd quarter. Barlow Wealth Partners Inc. now owns 19,670 shares of the company’s stock worth $7,651,000 after purchasing an additional 17,390 shares in the last quarter. New York State Teachers Retirement System increased its stake in Elevance Health by 1.2% during the 2nd quarter. New York State Teachers Retirement System now owns 193,453 shares of the company’s stock valued at $75,245,000 after purchasing an additional 2,343 shares in the last quarter. Finally, Rik Saylor Financial Inc. increased its stake in Elevance Health by 11.5% during the 2nd quarter. Rik Saylor Financial Inc. now owns 680 shares of the company’s stock valued at $264,000 after purchasing an additional 70 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Trading Down 0.4%

NYSE:ELV opened at $348.14 on Friday. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm’s 50 day moving average is $320.85 and its 200 day moving average is $356.90. The stock has a market capitalization of $78.39 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.28 and a beta of 0.59.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion during the quarter, compared to analysts’ expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business earned $10.12 earnings per share. Sell-side analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a report on Tuesday, July 22nd. Leerink Partnrs downgraded Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 17th. Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Morgan Stanley boosted their price target on shares of Elevance Health from $316.00 to $359.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, The Goldman Sachs Group began coverage on shares of Elevance Health in a research report on Tuesday. They set a “neutral” rating and a $343.00 target price on the stock. Eleven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $408.33.

Insider Buying and Selling at Elevance Health

In other news, Director Susan D. Devore acquired 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average price of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director owned 3,502 shares in the company, valued at $1,093,149.30. The trade was a 52.13% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.29% 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.