Sugarloaf Wealth Management LLC Raises Holdings in Elevance Health, Inc. (NYSE:ELV)

Sugarloaf Wealth Management LLC increased its holdings in Elevance Health, Inc. (NYSE:ELV) by 15.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 374 shares of the company’s stock after acquiring an additional 50 shares during the period. Sugarloaf Wealth Management LLC’s holdings in Elevance Health were worth $195,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Bank & Trust Co acquired a new stake in shares of Elevance Health in the second quarter valued at $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Elevance Health in the fourth quarter valued at $28,000. Palisade Asset Management LLC acquired a new stake in shares of Elevance Health in the first quarter valued at $28,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health in the second quarter valued at $28,000. Finally, Strategic Financial Concepts LLC acquired a new stake in shares of Elevance Health in the second quarter valued at $30,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of NYSE:ELV traded down $0.20 during trading on Tuesday, hitting $491.82. 291,241 shares of the stock were exchanged, compared to its average volume of 1,018,351. The company has a fifty day moving average price of $535.11 and a two-hundred day moving average price of $529.75. The company has a market cap of $114.31 billion, a PE ratio of 18.49, a P/E/G ratio of 1.17 and a beta of 0.82. 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 12-month low of $435.99 and a 12-month high of $567.26.

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

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.33%. Elevance Health’s dividend payout ratio is currently 24.64%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Barclays reduced their price objective 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. Royal Bank of Canada increased their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Bank of America restated a “neutral” rating and issued a $530.00 price target (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. TD Cowen cut their price target on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. Finally, Truist Financial raised their price target on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research note on Monday, July 15th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Elevance Health presently has a consensus rating of “Buy” and an average target price of $604.29.

Insider Buying and Selling

In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,058 shares of company stock worth $17,588,116 in the last ninety days. Insiders own 0.35% of the company’s stock.

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.