Pin Oak Investment Advisors Inc. Acquires New Stake in Elevance Health, Inc. (NYSE:ELV)

Pin Oak Investment Advisors Inc. acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELVFree Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 59 shares of the company’s stock, valued at approximately $28,000.

A number of other hedge funds also recently bought and sold shares of ELV. Richwood Investment Advisors LLC increased its position in Elevance Health by 0.8% in the fourth quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock worth $1,201,000 after buying an additional 20 shares in the last quarter. Alliance Wealth Advisors LLC increased its position in Elevance Health by 2.9% in the fourth quarter. Alliance Wealth Advisors LLC now owns 745 shares of the company’s stock worth $351,000 after buying an additional 21 shares in the last quarter. Clearstead Advisors LLC increased its position in Elevance Health by 0.9% in the third quarter. Clearstead Advisors LLC now owns 2,516 shares of the company’s stock worth $1,096,000 after buying an additional 22 shares in the last quarter. Sugarloaf Wealth Management LLC increased its position in Elevance Health by 8.6% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 277 shares of the company’s stock worth $131,000 after buying an additional 22 shares in the last quarter. Finally, Capital Investment Advisors LLC increased its position in Elevance Health by 2.5% in the fourth quarter. Capital Investment Advisors LLC now owns 887 shares of the company’s stock worth $418,000 after buying an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on ELV shares. Stephens restated an “overweight” rating and issued a $615.00 price target on shares of Elevance Health in a research report on Tuesday. Royal Bank of Canada increased their target price on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th. Baird R W upgraded Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. Jefferies Financial Group increased their price target on 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 increased their price target on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $605.93.

View Our Latest Research Report on ELV

Insiders Place Their Bets

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.

Elevance Health Trading Up 0.1 %

Shares of NYSE ELV traded up $0.68 during midday trading on Tuesday, hitting $536.93. The company’s stock had a trading volume of 505,863 shares, compared to its average volume of 1,037,161. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average is $526.91 and its two-hundred day moving average is $503.48. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $550.34. The firm has a market cap of $124.79 billion, a P/E ratio of 20.29, a price-to-earnings-growth ratio of 1.19 and a beta of 0.83.

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

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.21%. Elevance Health’s payout ratio is currently 24.64%.

Elevance Health Company Profile

(Free Report)

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.

See Also

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

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