Logan Capital Management Inc. Increases Stock Holdings in Elevance Health Inc. (NYSE:ELV)

Logan Capital Management Inc. increased its holdings in Elevance Health Inc. (NYSE:ELVGet Rating) by 1.4% in the first quarter, Holdings Channel.com reports. The firm owned 12,689 shares of the company’s stock after purchasing an additional 179 shares during the period. Logan Capital Management Inc.’s holdings in Elevance Health were worth $6,233,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ELV. Invesco Ltd. grew its position in Elevance Health by 1.0% during the first quarter. Invesco Ltd. now owns 2,960,173 shares of the company’s stock valued at $1,454,098,000 after acquiring an additional 28,289 shares during the period. Alcosta Capital Management Inc. purchased a new stake in Elevance Health during the first quarter valued at about $3,524,000. Achmea Investment Management B.V. grew its position in Elevance Health by 2.7% during the first quarter. Achmea Investment Management B.V. now owns 19,722 shares of the company’s stock valued at $9,688,000 after acquiring an additional 526 shares during the period. PFS Investments Inc. purchased a new stake in Elevance Health during the first quarter valued at about $304,000. Finally, Siemens Fonds Invest GmbH grew its position in Elevance Health by 0.8% during the first quarter. Siemens Fonds Invest GmbH now owns 16,669 shares of the company’s stock valued at $8,188,000 after acquiring an additional 125 shares during the period. Hedge funds and other institutional investors own 89.86% of the company’s stock.

Elevance Health Trading Up 0.9 %

Shares of NYSE ELV opened at $493.60 on Friday. The stock’s 50 day moving average price is $481.98 and its two-hundred day moving average price is $485.28. Elevance Health Inc. has a 52-week low of $355.43 and a 52-week high of $533.68. The stock has a market capitalization of $118.46 billion, a P/E ratio of 19.79, a PEG ratio of 1.42 and a beta of 0.89. The company has a quick ratio of 1.36, a current ratio of 1.37 and a debt-to-equity ratio of 0.59.

Elevance Health (NYSE:ELVGet Rating) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $8.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.72 by $0.32. Elevance Health had a return on equity of 19.20% and a net margin of 4.09%. The firm had revenue of $38.48 billion for the quarter, compared to analysts’ expectations of $38.05 billion. During the same quarter in the prior year, the firm posted $7.03 earnings per share. Elevance Health’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, analysts anticipate that Elevance Health Inc. will post 28.82 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 9th will be paid a dividend of $1.28 per share. This represents a $5.12 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend is Thursday, September 8th. Elevance Health’s payout ratio is currently 20.53%.

Wall Street Analyst Weigh In

ELV has been the subject of a number of research reports. Cowen lowered their price target on Elevance Health to $577.00 in a research report on Friday, July 22nd. Morgan Stanley decreased their target price on Elevance Health from $533.00 to $485.00 and set an “equal weight” rating for the company in a research report on Monday, July 25th. Bank of America raised Elevance Health from a “neutral” rating to a “buy” rating and upped their target price for the stock from $535.00 to $575.00 in a research report on Friday. StockNews.com initiated coverage on Elevance Health in a research report on Thursday, July 7th. They issued a “strong-buy” rating for the company. Finally, Stephens decreased their target price on Elevance Health to $550.00 in a research report on Friday, July 22nd. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $563.38.

Elevance Health Company Profile

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Elevance Health Inc operates as a health benefits company. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives. It serves approximately 118 million people through a portfolio of medical, digital, pharmacy, behavioral, clinical, and care solutions.

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Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

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