Procyon Advisors LLC Acquires 168 Shares of Elevance Health, Inc. (NYSE:ELV)

Procyon Advisors LLC boosted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 9.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,870 shares of the company’s stock after acquiring an additional 168 shares during the period. Procyon Advisors LLC’s holdings in Elevance Health were worth $882,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Fortis Capital Advisors LLC purchased a new position in shares of Elevance Health in the fourth quarter valued at $29,000. TD Capital Management LLC bought a new stake in shares of Elevance Health during the fourth quarter worth $30,000. OFI Invest Asset Management bought a new stake in shares of Elevance Health during the third quarter worth $25,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in shares of Elevance Health during the third quarter worth $30,000. Finally, Tyler Stone Wealth Management bought a new stake in shares of Elevance Health during the second quarter worth $39,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of ELV stock traded up $0.14 during trading hours on Thursday, hitting $520.10. 98,765 shares of the company’s stock were exchanged, compared to its average volume of 1,010,618. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. The firm has a market cap of $121.03 billion, a P/E ratio of 20.66, a P/E/G ratio of 1.16 and a beta of 0.78. The firm has a 50 day moving average of $500.26 and a two-hundred day moving average of $475.45. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $521.18.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, January 24th. The company reported $5.62 earnings per share for the quarter, topping the consensus estimate of $5.60 by $0.02. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The business had revenue of $42.45 billion during the quarter, compared to the consensus estimate of $42.19 billion. During the same period in the prior year, the company posted $5.23 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis. Sell-side analysts forecast that Elevance Health, Inc. will post 37.15 EPS for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a $1.63 dividend. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.25%. The ex-dividend date was Thursday, March 7th. Elevance Health’s dividend payout ratio is currently 25.90%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ELV. Cantor Fitzgerald lifted their price objective on Elevance Health from $547.00 to $580.00 and gave the company an “overweight” rating in a report on Wednesday, February 14th. Royal Bank of Canada lifted their target price on Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Barclays initiated coverage on Elevance Health in a research note on Wednesday, March 6th. They issued an “overweight” rating and a $584.00 target price on the stock. Finally, StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $569.36.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the transaction, the director now directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.35% of the stock is owned by corporate insiders.

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.