Dakota Wealth Management Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Posted by Defense World Staff on Jun 28th, 2023

Dakota Wealth Management raised its stake in shares of Elevance Health, Inc. (NYSE:ELV – Get Rating) by 20.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 867 shares of the company’s stock after acquiring an additional 150 shares during the period. Dakota Wealth Management’s holdings in Elevance Health were worth $399,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Life Insurance Co. purchased a new stake in Elevance Health during the 4th quarter valued at approximately $1,760,000. Fiduciary Alliance LLC acquired a new stake in shares of Elevance Health in the 4th quarter worth approximately $275,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Elevance Health in the 4th quarter worth approximately $303,000. Pacer Advisors Inc. acquired a new stake in shares of Elevance Health in the 4th quarter worth approximately $430,000. Finally, Park Avenue Securities LLC acquired a new stake in Elevance Health during the 4th quarter valued at $3,078,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Trading Down 0.9 %

NYSE:ELV opened at $444.61 on Wednesday. The business’s 50-day moving average is $456.69 and its two-hundred day moving average is $474.26. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.43 and a quick ratio of 1.43. Elevance Health, Inc. has a 12 month low of $428.87 and a 12 month high of $549.52. The firm has a market capitalization of $105.40 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 1.14 and a beta of 0.85.

Elevance Health (NYSE:ELV – Get Rating) last announced its earnings results on Wednesday, April 19th. The company reported $9.46 earnings per share for the quarter, beating the consensus estimate of $9.26 by $0.20. The company had revenue of $41.90 billion during the quarter, compared to the consensus estimate of $40.93 billion. Elevance Health had a return on equity of 20.05% and a net margin of 3.86%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $8.25 earnings per share. Research analysts predict that Elevance Health, Inc. will post 32.78 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 23rd. Shareholders of record on Friday, June 9th were paid a $1.48 dividend. The ex-dividend date of this dividend was Thursday, June 8th. This represents a $5.92 dividend on an annualized basis and a yield of 1.33%. Elevance Health’s payout ratio is currently 23.04%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Truist Financial reduced their price target on Elevance Health from $580.00 to $560.00 in a research note on Tuesday, June 20th. Morgan Stanley raised Elevance Health from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $500.00 to $571.00 in a research note on Thursday, April 27th. Deutsche Bank Aktiengesellschaft increased their price target on Elevance Health from $571.00 to $575.00 in a research note on Thursday, April 20th. TD Cowen cut their target price on Elevance Health from $577.00 to $564.00 and set an “outperform” rating on the stock in a research report on Thursday, April 20th. Finally, StockNews.com initiated coverage on Elevance Health in a research report on Thursday, May 18th. They issued a “strong-buy” rating on the stock. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health presently has an average rating of “Buy” and a consensus price target of $569.27.

About Elevance Health

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Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.