Professional Advisory Services Inc. Grows Position in Elevance Health, Inc. (NYSE:ELV)

by · The Cerbat Gem

Professional Advisory Services Inc. raised its holdings in Elevance Health, Inc. (NYSE:ELV – Free Report) by 3.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,261 shares of the company’s stock after buying an additional 2,074 shares during the period. Elevance Health comprises approximately 4.0% of Professional Advisory Services Inc.’s investment portfolio, making the stock its 6th biggest holding. Professional Advisory Services Inc.’s holdings in Elevance Health were worth $24,497,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ELV. Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Elevance Health by 97,501.7% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 83,475,802 shares of the company’s stock worth $37,087,464,000 after purchasing an additional 83,390,275 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Elevance Health by 844.0% during the first quarter. Envestnet Asset Management Inc. now owns 2,966,205 shares of the company’s stock worth $148,413,000 after purchasing an additional 2,651,986 shares during the period. Norges Bank bought a new position in shares of Elevance Health during the fourth quarter worth approximately $1,253,211,000. Legal & General Group Plc bought a new position in shares of Elevance Health during the fourth quarter worth approximately $944,528,000. Finally, Moneta Group Investment Advisors LLC acquired a new stake in Elevance Health during the fourth quarter worth approximately $664,077,000. Institutional investors own 87.80% of the company’s stock.

Insider Activity at Elevance Health

In related news, CAO Ronald W. Penczek sold 64 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $454.35, for a total value of $29,078.40. Following the completion of the sale, the chief accounting officer now directly owns 2,842 shares of the company’s stock, valued at approximately $1,291,262.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.35% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ELV has been the topic of a number of research analyst reports. StockNews.com started coverage on Elevance Health in a report on Thursday, October 5th. They issued a “strong-buy” rating on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $547.00 target price on shares of Elevance Health in a research report on Tuesday, November 21st. JPMorgan Chase & Co. lowered their target price on Elevance Health from $569.00 to $552.00 and set an “overweight” rating for the company in a research report on Friday, November 17th. Finally, Morgan Stanley raised their target price on Elevance Health from $585.00 to $587.00 and gave the stock an “overweight” rating in a research report on Thursday, October 19th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus target price of $565.82.

Get Our Latest Stock Analysis on ELV

Elevance Health Trading Down 2.6 %

Shares of ELV stock traded down $12.55 during mid-day trading on Friday, hitting $467.32. The company’s stock had a trading volume of 230,874 shares, compared to its average volume of 1,160,814. The company’s fifty day simple moving average is $463.78 and its 200-day simple moving average is $456.49. Elevance Health, Inc. has a 52 week low of $412.00 and a 52 week high of $521.86. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.41 and a current ratio of 1.41. The company has a market cap of $109.80 billion, a PE ratio of 18.83, a P/E/G ratio of 1.22 and a beta of 0.84.

Elevance Health (NYSE:ELV – Get Free Report) last posted its quarterly earnings data on Wednesday, October 18th. The company reported $8.99 earnings per share for the quarter, topping the consensus estimate of $8.45 by $0.54. Elevance Health had a return on equity of 20.71% and a net margin of 3.61%. The firm had revenue of $42.48 billion during the quarter, compared to analyst estimates of $42.69 billion. During the same period last year, the company posted $7.53 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities research analysts expect that Elevance Health, Inc. will post 33.06 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Wednesday, December 6th will be given a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Tuesday, December 5th. Elevance Health’s payout ratio is 23.24%.

Elevance Health Company Profile

(Free Report)

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.

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