B. Riley Wealth Advisors Inc. Raises Stake in Elevance Health, Inc. (NYSE:ELV)

B. Riley Wealth Advisors Inc. boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 39.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,982 shares of the company’s stock after buying an additional 1,127 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Elevance Health were worth $2,158,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in shares of Elevance Health during the second quarter worth approximately $73,000. NewEdge Advisors LLC grew its stake in Elevance Health by 21.0% in the second quarter. NewEdge Advisors LLC now owns 14,364 shares of the company’s stock worth $7,783,000 after purchasing an additional 2,492 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Elevance Health by 6.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124,824 shares of the company’s stock worth $67,646,000 after purchasing an additional 7,530 shares in the last quarter. Magnolia Capital Advisors LLC purchased a new position in Elevance Health during the 2nd quarter worth $19,085,000. Finally, Creative Planning raised its position in Elevance Health by 10.3% during the 2nd quarter. Creative Planning now owns 31,156 shares of the company’s stock valued at $16,882,000 after purchasing an additional 2,901 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of NYSE ELV opened at $510.99 on Wednesday. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market cap of $118.76 billion, a PE ratio of 19.31, a P/E/G ratio of 1.17 and a beta of 0.82. The business has a 50-day simple moving average of $537.04 and a two-hundred day simple moving average of $530.23.

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. 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 the consensus estimate of $42.99 billion. During the same quarter in the previous year, the firm earned $9.04 EPS. Elevance Health’s revenue was down .4% compared to the same quarter last year. As a group, equities analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th were paid a dividend of $1.63 per share. The ex-dividend date was Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.28%. Elevance Health’s payout ratio is presently 24.64%.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,058 shares of company stock worth $17,588,116. 0.35% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ELV shares. Royal Bank of Canada increased their price target on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Truist Financial increased their target price on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Bank of America restated a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Finally, Stephens reissued an “overweight” rating and set a $615.00 price objective 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 assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $604.29.

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.