Proficio Capital Partners LLC Acquires New Position in Elevance Health, Inc. $ELV

Proficio Capital Partners LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,400 shares of the company’s stock, valued at approximately $542,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Elevance Health during the 2nd quarter worth $7,344,424,000. Wellington Management Group LLP lifted its holdings in shares of Elevance Health by 25.2% in the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock worth $2,906,051,000 after buying an additional 1,668,679 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Elevance Health by 27.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock worth $2,610,261,000 after buying an additional 1,607,274 shares in the last quarter. Artisan Partners Limited Partnership grew its position in shares of Elevance Health by 10.0% during the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company’s stock worth $1,764,231,000 after buying an additional 455,946 shares in the last quarter. Finally, First Eagle Investment Management LLC increased its stake in shares of Elevance Health by 0.6% during the fourth quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company’s stock valued at $1,410,219,000 after buying an additional 24,271 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by company insiders.

Elevance Health Price Performance

ELV opened at $399.17 on Friday. The firm has a market capitalization of $86.57 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 2.30 and a beta of 0.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The business’s 50-day moving average is $395.23 and its two-hundred day moving average is $361.82. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same period in the prior year, the firm posted $8.84 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. Research analysts anticipate that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be given a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. Elevance Health’s dividend payout ratio is presently 30.58%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. UBS Group upped their price objective on shares of Elevance Health from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Evercore reissued a “hold” rating on shares of Elevance Health in a research report on Tuesday, May 19th. Barclays reduced their price target on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. TD Cowen increased their price objective on shares of Elevance Health from $400.00 to $465.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Finally, Wells Fargo & Company cut their price objective on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.