WESPAC Advisors SoCal LLC Increases Position in Elevance Health, Inc. (NYSE:ELV)

WESPAC Advisors SoCal LLC increased its stake in Elevance Health, Inc. (NYSE:ELV) by 9.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,713 shares of the company’s stock after acquiring an additional 150 shares during the period. WESPAC Advisors SoCal LLC’s holdings in Elevance Health were worth $888,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health in the fourth quarter worth $28,000. Alaska Permanent Fund Corp purchased a new stake in Elevance Health during the fourth quarter valued at about $31,000. Beaird Harris Wealth Management LLC purchased a new stake in Elevance Health during the fourth quarter valued at about $32,000. Register Financial Advisors LLC purchased a new stake in Elevance Health during the first quarter valued at about $32,000. Finally, Hexagon Capital Partners LLC boosted its position in Elevance Health by 63.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock valued at $35,000 after buying an additional 29 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 31,460 shares in the company, valued at $16,791,460.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Trading Down 1.3 %

ELV stock traded down $7.11 during trading on Monday, reaching $534.75. The company had a trading volume of 678,593 shares, compared to its average volume of 1,026,418. Elevance Health, Inc. has a 52 week low of $412.00 and a 52 week high of $550.34. The company has a market cap of $124.29 billion, a P/E ratio of 20.21, a PEG ratio of 1.20 and a beta of 0.84. The business has a 50 day moving average of $534.36 and a 200 day moving average of $508.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The business had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $9.46 earnings per share. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

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

Analysts Set New Price Targets

ELV has been the subject of several analyst reports. Bank of America upped their price target on shares of Elevance Health from $621.00 to $646.00 and gave the company a “buy” rating in a research report on Tuesday, June 4th. Mizuho upped their price target on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Jefferies Financial Group upped their price objective 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a research note on Wednesday, June 12th. Finally, Morgan Stanley initiated coverage on shares of Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective for the company. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of “Buy” and an average price target of $611.36.

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.