Burney Co. Has $2.40 Million Position in Elevance Health, Inc. $ELV

Burney Co. lowered its position in Elevance Health, Inc. (NYSE:ELV) by 5.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 6,173 shares of the company’s stock after selling 346 shares during the period. Burney Co.’s holdings in Elevance Health were worth $2,401,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC increased its holdings in Elevance Health by 3.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company’s stock worth $8,251,000 after purchasing an additional 790 shares in the last quarter. World Investment Advisors increased its holdings in Elevance Health by 17.0% in the 2nd quarter. World Investment Advisors now owns 27,434 shares of the company’s stock worth $10,671,000 after purchasing an additional 3,988 shares in the last quarter. Dynamic Advisor Solutions LLC increased its holdings in Elevance Health by 11.3% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company’s stock worth $3,125,000 after purchasing an additional 817 shares in the last quarter. Focus Partners Wealth increased its holdings in 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 purchasing an additional 982 shares in the last quarter. Finally, Asio Capital LLC increased its holdings in Elevance Health by 7.1% in the 2nd quarter. Asio Capital LLC now owns 15,371 shares of the company’s stock worth $5,979,000 after purchasing an additional 1,015 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of a number of recent research reports. TD Cowen upped their target price on Elevance Health from $330.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. The Goldman Sachs Group initiated coverage on Elevance Health in a report on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 target price for the company. Argus reissued a “hold” rating on shares of Elevance Health in a research note on Monday, July 21st. Guggenheim increased their price target on Elevance Health from $360.00 to $398.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Finally, Mizuho set a $400.00 price target on Elevance Health in a research note on Monday. Twelve analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and an average price target of $397.33.

Elevance Health Stock Down 1.3%

Shares of NYSE:ELV opened at $313.10 on Tuesday. The firm has a market cap of $69.58 billion, a P/E ratio of 12.80, a PEG ratio of 1.23 and a beta of 0.59. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75. The business’s 50 day simple moving average is $329.04 and its two-hundred day simple moving average is $347.15.

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, beating the consensus estimate of $5.03 by $1.00. The company had revenue of $50.09 billion for the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.Elevance Health’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $8.37 earnings per share. As a group, research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, December 5th. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. Elevance Health’s payout ratio is presently 27.96%.

Insider Activity

In other news, Director Susan D. Devore bought 1,200 shares of the stock in a transaction on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.29% of the stock is currently owned by insiders.

Elevance Health 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.