Elevance Health, Inc. (NYSE:ELV) Stake Decreased by SYSTM Wealth Solutions LLC

SYSTM Wealth Solutions LLC lowered its position in Elevance Health, Inc. (NYSE:ELV) by 22.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 13,680 shares of the company’s stock after selling 4,053 shares during the period. Elevance Health comprises about 1.7% of SYSTM Wealth Solutions LLC’s investment portfolio, making the stock its 9th largest holding. SYSTM Wealth Solutions LLC’s holdings in Elevance Health were worth $7,412,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank & Trust Co purchased a new position in Elevance Health in the 2nd quarter worth about $27,000. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health in the 4th quarter worth about $28,000. Palisade Asset Management LLC purchased a new position in Elevance Health in the 1st quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health in the 2nd quarter worth about $28,000. Finally, Strategic Financial Concepts LLC purchased a new position in Elevance Health in the 2nd quarter worth about $30,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ELV. Wells Fargo & Company reduced their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. TD Cowen dropped their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Robert W. Baird initiated coverage on shares of Elevance Health in a report on Thursday, May 30th. They set an “outperform” rating and a $649.00 target price on the stock. Royal Bank of Canada increased their target price on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Finally, Stephens reiterated an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a report on Thursday, September 5th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Elevance Health presently has an average rating of “Buy” and a consensus target price of $604.29.

Elevance Health Stock Down 1.9 %

Shares of Elevance Health stock opened at $543.25 on Wednesday. The company has a market cap of $126.26 billion, a P/E ratio of 20.53, a PEG ratio of 1.19 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 quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm’s 50 day moving average price is $535.93 and its 200-day moving average price is $528.70.

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

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be given 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 is presently 24.64%.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, 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 SEC, which can be accessed through the SEC website. In other news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 8,744 shares in the company, valued at $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 valued at $17,588,116. 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.