Convergence Financial LLC Has $752,000 Stock Position in Elevance Health, Inc. $ELV

Convergence Financial LLC boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 11.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,934 shares of the company’s stock after acquiring an additional 206 shares during the quarter. Convergence Financial LLC’s holdings in Elevance Health were worth $752,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. GLOBALT Investments LLC GA increased its holdings in shares of Elevance Health by 0.4% in the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company’s stock valued at $2,743,000 after purchasing an additional 24 shares in the last quarter. Hemington Wealth Management boosted its position in Elevance Health by 13.3% in the 1st quarter. Hemington Wealth Management now owns 230 shares of the company’s stock valued at $100,000 after buying an additional 27 shares during the last quarter. Aspen Investment Management Inc raised its position in shares of Elevance Health by 2.6% during the first quarter. Aspen Investment Management Inc now owns 1,048 shares of the company’s stock worth $456,000 after acquiring an additional 27 shares during the last quarter. Prudent Man Advisors LLC lifted its stake in shares of Elevance Health by 2.3% during the first quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company’s stock valued at $547,000 after acquiring an additional 28 shares during the period. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych boosted its holdings in Elevance Health by 5.3% in the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 600 shares of the company’s stock valued at $261,000 after acquiring an additional 30 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Up 1.1%

Elevance Health stock opened at $316.67 on Wednesday. The company has a 50 day moving average of $329.18 and a 200-day moving average of $346.39. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $458.75. The stock has a market capitalization of $70.38 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 1.23 and a beta of 0.59.

Elevance Health (NYSE:ELV) last released 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 during 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%.The company’s revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.37 EPS. On average, equities research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a $1.71 dividend. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. Elevance Health’s dividend payout ratio (DPR) is 27.96%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Guggenheim boosted their price objective on Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Argus restated a “hold” rating on shares of Elevance Health in a research report on Monday, July 21st. Wall Street Zen cut shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Truist Financial set a $400.00 target price on shares of Elevance Health in a report on Tuesday, October 14th. Finally, Barclays lowered their price objective on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. Twelve equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $397.33.

Insider Buying and Selling

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This represents a 52.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.