Pinnacle Wealth Management Advisory Group LLC Buys 98 Shares of Elevance Health, Inc. (NYSE:ELV)

Pinnacle Wealth Management Advisory Group LLC lifted its stake in Elevance Health, Inc. (NYSE:ELV) by 6.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,635 shares of the company’s stock after acquiring an additional 98 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Elevance Health were worth $771,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Sanders Capital LLC lifted its position in shares of Elevance Health by 1.4% during the third quarter. Sanders Capital LLC now owns 4,261,976 shares of the company’s stock valued at $1,855,750,000 after buying an additional 58,013 shares during the last quarter. Baillie Gifford & Co. boosted its stake in Elevance Health by 0.9% in the fourth quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock valued at $1,456,132,000 after acquiring an additional 27,986 shares in the last quarter. Morgan Stanley grew its holdings in Elevance Health by 1.7% in the third quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock worth $1,212,521,000 after purchasing an additional 46,322 shares during the last quarter. Northern Trust Corp increased its position in shares of Elevance Health by 2.4% during the third quarter. Northern Trust Corp now owns 2,416,459 shares of the company’s stock worth $1,052,175,000 after purchasing an additional 57,098 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Elevance Health by 7.2% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,379,046 shares of the company’s stock valued at $1,035,884,000 after purchasing an additional 160,524 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ELV has been the topic of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $580.00 target price on shares of Elevance Health in a research note on Wednesday, April 10th. Mizuho upped their price objective 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. Royal Bank of Canada lifted their target price on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. Jefferies Financial Group upped their price target on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Finally, Barclays boosted their price objective on shares of Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a report on Friday, April 19th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $587.42.

Insider Activity

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE:ELV traded down $2.82 during trading on Wednesday, hitting $533.35. 776,999 shares of the stock traded hands, compared to its average volume of 1,042,833. The company has a fifty day moving average price of $514.57 and a two-hundred day moving average price of $490.26. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $542.07. The company has a market cap of $123.96 billion, a price-to-earnings ratio of 20.16, a P/E/G ratio of 1.16 and a beta of 0.79. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same period in the prior year, the company posted $9.46 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. As a group, equities analysts predict that Elevance Health, Inc. will post 37.26 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Elevance Health Company 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.