SRS Capital Advisors Inc. Buys 101 Shares of Elevance Health, Inc. (NYSE:ELV)

SRS Capital Advisors Inc. grew its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 8.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,246 shares of the company’s stock after purchasing an additional 101 shares during the quarter. SRS Capital Advisors Inc.’s holdings in Elevance Health were worth $675,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ELV. Bank & Trust Co purchased a new position in shares of Elevance Health in the second quarter valued at $27,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Elevance Health in the fourth quarter valued at $28,000. Palisade Asset Management LLC purchased a new position in shares of Elevance Health in the first quarter valued at $28,000. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health in the second quarter valued at $28,000. Finally, Beaird Harris Wealth Management LLC purchased a new position in shares of Elevance Health in the fourth quarter valued at $32,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Elevance Health stock opened at $541.91 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market capitalization of $125.95 billion, a PE ratio of 20.48, a P/E/G ratio of 1.22 and a beta of 0.84. The company has a 50 day moving average price of $533.79 and a 200-day moving average price of $526.61. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $567.26.

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

Elevance Health Announces Dividend

The firm 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. This represents a $6.52 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Royal Bank of Canada raised their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Morgan Stanley initiated coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price for the company. JPMorgan Chase & Co. lifted their price objective on shares of Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Baird R W raised shares of Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Finally, Barclays dropped their price objective on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $604.29.

Insiders Place Their Bets

In other news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the business’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 directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. Insiders have sold a total of 35,058 shares of company stock worth $17,588,116 in the last three months. Corporate insiders own 0.35% of the company’s stock.

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.