Fifth Third Wealth Advisors LLC Acquires Shares of 2,167 Elevance Health, Inc. (NYSE:ELV)

Fifth Third Wealth Advisors LLC bought a new position in Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,167 shares of the company’s stock, valued at approximately $1,174,000.

Several other institutional investors also recently modified their holdings of ELV. MFA Wealth Advisors LLC purchased a new stake in shares of Elevance Health in the 2nd quarter worth approximately $86,000. Atria Wealth Solutions Inc. raised its position in shares of Elevance Health by 5.0% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 5,391 shares of the company’s stock worth $2,921,000 after purchasing an additional 258 shares during the last quarter. Aaron Wealth Advisors LLC grew its position in Elevance Health by 37.0% during the 2nd quarter. Aaron Wealth Advisors LLC now owns 770 shares of the company’s stock valued at $417,000 after purchasing an additional 208 shares during the last quarter. Hobbs Group Advisors LLC bought a new stake in Elevance Health during the 2nd quarter valued at about $165,000. Finally, Sanibel Captiva Trust Company Inc. raised its holdings in Elevance Health by 18.2% in the second quarter. Sanibel Captiva Trust Company Inc. now owns 1,491 shares of the company’s stock worth $808,000 after buying an additional 230 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

NYSE ELV traded down $0.82 on Wednesday, reaching $542.22. 558,686 shares of the stock were exchanged, compared to its average volume of 1,036,850. 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 one year low of $431.38 and a one year high of $555.35. The firm has a market capitalization of $126.02 billion, a PE ratio of 20.49, a PEG ratio of 1.18 and a beta of 0.84. The company’s 50-day simple moving average is $530.28 and its two-hundred day simple moving average is $522.79.

Elevance Health (NYSE:ELV) last released 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 net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. During the same quarter in the previous year, the company earned $9.04 EPS. Elevance Health’s revenue for the quarter was down .4% on a year-over-year basis. Analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid 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 dividend payout ratio (DPR) is presently 24.64%.

Analysts Set New Price Targets

Several analysts have commented on ELV shares. Baird R W upgraded Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $600.00 target price on shares of Elevance Health in a research report on Monday. Mizuho raised their price target on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Stephens reissued an “overweight” rating and set a $615.00 price objective on shares of Elevance Health in a report on Tuesday, June 11th. Finally, Royal Bank of Canada increased their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $604.29.

Insider Buying and Selling

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Ramiro G. Peru sold 753 shares of the company’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 transaction of $400,234.56. Following the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. 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 firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction 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. In the last three months, insiders have sold 35,058 shares of company stock valued at $17,588,116. Corporate insiders own 0.35% of the company’s stock.

About Elevance Health

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.