Lake Street Advisors Group LLC Has $1.68 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Lake Street Advisors Group LLC increased its stake in Elevance Health, Inc. (NYSE:ELV) by 61.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,247 shares of the company’s stock after buying an additional 1,237 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Elevance Health were worth $1,684,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. abrdn plc grew its position in shares of Elevance Health by 86.8% in the 4th quarter. abrdn plc now owns 278,397 shares of the company’s stock valued at $131,281,000 after acquiring an additional 129,364 shares during the period. Cerity Partners LLC grew its holdings in Elevance Health by 21.3% during 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 period. Canoe Financial LP increased its position in Elevance Health by 158.1% during the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after buying an additional 517,116 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new stake in Elevance Health in the fourth quarter valued at approximately $218,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Elevance Health by 114.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock worth $14,765,000 after acquiring an additional 16,737 shares during the period. 89.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ELV has been the subject of several research reports. Bank of America reaffirmed a “neutral” rating and set a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Jefferies Financial Group upped their price target on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Morgan Stanley began coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target on the stock. Robert W. Baird began coverage on Elevance Health in a report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective for the company. Finally, Barclays lowered their target price on Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a research note on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $604.29.

Insider Buying and Selling

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the sale, the chief executive officer now directly owns 126,709 shares in the company, valued at approximately $63,478,674.82. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Elevance Health Price Performance

NYSE ELV traded up $9.70 during midday trading on Wednesday, hitting $512.12. The company had a trading volume of 1,289,054 shares, compared to its average volume of 1,063,671. The firm has a 50-day moving average price of $531.22 and a 200-day moving average price of $515.51. The company has a market capitalization of $118.76 billion, a PE ratio of 19.35, a P/E/G ratio of 1.12 and a beta of 0.84. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a twelve month low of $431.38 and a twelve month high of $555.35.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. During the same quarter last year, the business earned $9.04 earnings per share. Elevance Health’s revenue was down .4% on a year-over-year basis. As a group, analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

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.