Magnolia Capital Advisors LLC Makes New Investment in Elevance Health, Inc. (NYSE:ELV)

Magnolia Capital Advisors LLC bought a new position in Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 35,221 shares of the company’s stock, valued at approximately $19,085,000. Elevance Health comprises about 0.7% of Magnolia Capital Advisors LLC’s portfolio, making the stock its 27th largest position.

A number of other large investors also recently modified their holdings of the stock. Bank & Trust Co acquired a new position in Elevance Health during the 2nd quarter worth $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Elevance Health during the second quarter valued at $28,000. Palisade Asset Management LLC bought a new position in Elevance Health in the first quarter valued at about $28,000. Pin Oak Investment Advisors Inc. acquired a new stake in Elevance Health in the fourth quarter worth about $28,000. Finally, Register Financial Advisors LLC bought a new stake in Elevance Health during the 1st quarter worth about $32,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred 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 sale, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Gail Boudreaux sold 34,000 shares of the 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 of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the transaction, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,058 shares of company stock worth $17,588,116. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $523.95 on Friday. The company has a market capitalization of $121.78 billion, a P/E ratio of 19.80, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82. Elevance Health, Inc. has a 52 week low of $431.38 and a 52 week high of $567.26. 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’s 50 day moving average price is $536.54 and its two-hundred day moving average price is $530.03.

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

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend was Tuesday, September 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ELV shares. Truist Financial lifted their price target on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Wells Fargo & Company lowered their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. 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. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. Finally, Bank of America reissued a “neutral” rating and issued a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. One investment 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $604.29.

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.