Procyon Advisors LLC Acquires 168 Shares of Elevance Health, Inc. (NYSE:ELV)

Procyon Advisors LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 9.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,870 shares of the company’s stock after acquiring an additional 168 shares during the period. Procyon Advisors LLC’s holdings in Elevance Health were worth $882,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Sanders Capital LLC lifted its stake in shares of Elevance Health by 1.4% in the third quarter. Sanders Capital LLC now owns 4,261,976 shares of the company’s stock worth $1,855,750,000 after buying an additional 58,013 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Elevance Health by 13.1% in the 2nd quarter. Alliancebernstein L.P. now owns 3,214,663 shares of the company’s stock valued at $1,428,243,000 after buying an additional 372,937 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Elevance Health by 1.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,143,404 shares of the company’s stock valued at $1,396,583,000 after buying an additional 56,204 shares in the last quarter. Morgan Stanley grew its holdings in shares of Elevance Health by 1.7% in the 3rd quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock worth $1,212,521,000 after purchasing an additional 46,322 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Elevance Health in the 4th quarter worth about $1,253,211,000. 89.24% of the stock is owned by institutional investors.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

ELV stock traded up $0.14 during midday trading on Thursday, reaching $520.10. 98,765 shares of the company were exchanged, compared to its average volume of 1,010,618. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.44 and a quick ratio of 1.44. The business has a 50-day moving average price of $500.26 and a two-hundred day moving average price of $475.45. Elevance Health, Inc. has a one year low of $412.00 and a one year high of $521.18. The firm has a market capitalization of $121.03 billion, a price-to-earnings ratio of 20.66, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, January 24th. The company reported $5.62 EPS for the quarter, topping analysts’ consensus estimates of $5.60 by $0.02. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The firm had revenue of $42.45 billion during the quarter, compared to analysts’ expectations of $42.19 billion. During the same period in the previous year, the business posted $5.23 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities research analysts forecast that Elevance Health, Inc. will post 37.15 EPS for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were issued a dividend of $1.63 per share. The ex-dividend date was Thursday, March 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.25%. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s dividend payout ratio (DPR) is currently 25.90%.

Analysts Set New Price Targets

ELV has been the topic of a number of research analyst reports. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Barclays initiated coverage on shares of Elevance Health in a research report on Wednesday, March 6th. They set an “overweight” rating and a $584.00 target price on the stock. Royal Bank of Canada upped their target price on shares of Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Finally, Cantor Fitzgerald upped their target price on shares of Elevance Health from $547.00 to $580.00 and gave the company an “overweight” rating in a research report on Wednesday, February 14th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $569.36.

Elevance Health Company 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.