Axxcess Wealth Management LLC Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Axxcess Wealth Management LLC boosted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 48.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,509 shares of the company’s stock after purchasing an additional 490 shares during the period. Axxcess Wealth Management LLC’s holdings in Elevance Health were worth $557,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. First Eagle Investment Management LLC increased its stake in shares of Elevance Health by 47.6% during the fourth quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock valued at $1,189,828,000 after buying an additional 1,039,612 shares during the period. Stifel Financial Corp increased its position in Elevance Health by 309.7% during the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock valued at $370,794,000 after purchasing an additional 538,978 shares during the period. Wellington Management Group LLP increased its position in Elevance Health by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after purchasing an additional 286,905 shares during the period. World Investment Advisors LLC bought a new position in Elevance Health in the 3rd quarter worth $129,221,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Elevance Health in the 4th quarter worth about $88,882,000. Institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the completion of the sale, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ELV shares. Argus upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target on the stock in a research report on Monday, March 17th. StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday. Truist Financial dropped their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Finally, Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $519.81.

Elevance Health Stock Down 1.6 %

Shares of Elevance Health stock opened at $427.27 on Friday. The company has a 50-day simple moving average of $400.52 and a two-hundred day simple moving average of $426.27. The stock has a market capitalization of $97.14 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.60%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) is presently 26.71%.

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.