Axxcess Wealth Management LLC Increases Holdings in Elevance Health, Inc. (NYSE:ELV)

Axxcess Wealth Management LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 30.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,679 shares of the company’s stock after acquiring an additional 392 shares during the period. Axxcess Wealth Management LLC’s holdings in Elevance Health were worth $871,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the company. Wellington Wealth Strategies LLC. purchased a new stake in shares of Elevance Health in the first quarter worth about $214,000. CreativeOne Wealth LLC lifted its position in shares of Elevance Health by 41.5% in the first quarter. CreativeOne Wealth LLC now owns 1,112 shares of the company’s stock worth $577,000 after buying an additional 326 shares in the last quarter. Delap Wealth Advisory LLC purchased a new stake in shares of Elevance Health in the first quarter worth about $267,000. Vident Advisory LLC lifted its position in shares of Elevance Health by 20.9% in the first quarter. Vident Advisory LLC now owns 61,087 shares of the company’s stock worth $31,676,000 after buying an additional 10,573 shares in the last quarter. Finally, Shell Asset Management Co. lifted its position in shares of Elevance Health by 6.4% in the first quarter. Shell Asset Management Co. now owns 10,320 shares of the company’s stock worth $5,351,000 after buying an additional 617 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Trading Up 2.6 %

NYSE:ELV traded up $13.47 during midday trading on Friday, hitting $527.50. The stock had a trading volume of 1,434,089 shares, compared to its average volume of 1,065,424. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $555.35. The company has a market capitalization of $122.32 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 1.14 and a beta of 0.84. The stock has a 50-day moving average of $530.62 and a 200 day moving average of $515.50. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58.

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

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.24%. Elevance Health’s dividend payout ratio is currently 24.64%.

Wall Street Analyst Weigh In

A number of research firms recently commented on ELV. UBS Group boosted their target price on Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Morgan Stanley started coverage on Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective on the stock. Royal Bank of Canada upped their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a research note on Tuesday. Finally, Jefferies Financial Group upped their target price on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $604.29.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated Monday, July 22nd. The stock was 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 legal filing with the SEC, which is available at this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’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 value of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. Company insiders own 0.35% 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.