Miracle Mile Advisors LLC Boosts Stake in Elevance Health, Inc. (NYSE:ELV)

Miracle Mile Advisors LLC lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 9.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,306 shares of the company’s stock after acquiring an additional 112 shares during the period. Miracle Mile Advisors LLC’s holdings in Elevance Health were worth $568,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. Accredited Wealth Management LLC purchased a new position in shares of Elevance Health in the 4th quarter worth about $25,000. Flagship Wealth Advisors LLC bought a new stake in Elevance Health in the 4th quarter worth approximately $26,000. Riverview Trust Co boosted its stake in Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company’s stock worth $31,000 after buying an additional 67 shares in the last quarter. WealthTrak Capital Management LLC bought a new position in Elevance Health during the fourth quarter valued at approximately $29,000. Finally, Lee Danner & Bass Inc. purchased a new position in shares of Elevance Health during the fourth quarter worth approximately $30,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

Shares of ELV stock opened at $383.97 on Wednesday. The firm has a market capitalization of $86.75 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 1.18 and a beta of 0.60. The stock has a fifty day moving average of $407.33 and a 200 day moving average of $400.59. Elevance Health, Inc. has a 52 week low of $357.45 and a 52 week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping the consensus estimate of $10.60 by $1.37. The business had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 annualized dividend and a yield of 1.78%. Elevance Health’s dividend payout ratio (DPR) is presently 26.69%.

Wall Street Analyst Weigh In

ELV has been the topic of several recent research reports. Wall Street Zen raised shares of Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Mizuho lifted their price objective on Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a report on Wednesday, April 9th. Truist Financial set a $500.00 target price on Elevance Health and gave the company a “buy” rating in a research note on Monday. Baird R W lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Finally, Argus set a $465.00 price target on Elevance Health in a research note on Friday, April 25th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $498.87.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company’s stock.

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.