Palouse Capital Management Inc. Buys 1,477 Shares of Elevance Health, Inc. $ELV

by · The Cerbat Gem

Palouse Capital Management Inc. boosted its position in Elevance Health, Inc. (NYSE:ELV – Free Report) by 32.0% in the third quarter, Holdings Channel.com reports. The firm owned 6,092 shares of the company’s stock after purchasing an additional 1,477 shares during the quarter. Palouse Capital Management Inc.’s holdings in Elevance Health were worth $1,968,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ELV. Clear Harbor Asset Management LLC increased its stake in shares of Elevance Health by 9.9% in the third quarter. Clear Harbor Asset Management LLC now owns 4,396 shares of the company’s stock valued at $1,420,000 after buying an additional 397 shares during the period. Benjamin Edwards Inc. grew its holdings in Elevance Health by 56.7% during the 3rd quarter. Benjamin Edwards Inc. now owns 3,358 shares of the company’s stock worth $1,085,000 after acquiring an additional 1,215 shares during the last quarter. Hosking Partners LLP increased its position in Elevance Health by 84.7% in the 3rd quarter. Hosking Partners LLP now owns 142,382 shares of the company’s stock valued at $46,006,000 after acquiring an additional 65,307 shares during the period. HB Wealth Management LLC raised its stake in shares of Elevance Health by 22.2% during the third quarter. HB Wealth Management LLC now owns 26,575 shares of the company’s stock valued at $8,587,000 after acquiring an additional 4,828 shares during the last quarter. Finally, CX Institutional lifted its holdings in shares of Elevance Health by 1,452.5% during the third quarter. CX Institutional now owns 18,366 shares of the company’s stock worth $5,934,000 after purchasing an additional 17,183 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ELV. Mizuho lowered their price objective on Elevance Health from $420.00 to $400.00 and set an “outperform” rating for the company in a research report on Monday, November 3rd. Morgan Stanley lowered their target price on shares of Elevance Health from $359.00 to $352.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 17th. Cowen reaffirmed a “buy” rating on shares of Elevance Health in a research report on Wednesday, November 26th. Weiss Ratings lowered Elevance Health from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, December 29th. Finally, Wells Fargo & Company boosted their price objective on Elevance Health from $403.00 to $424.00 and gave the company an “overweight” rating in a research note on Wednesday. Thirteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $400.20.

Get Our Latest Stock Report on Elevance Health

Elevance Health Stock Up 2.2%

ELV stock opened at $374.85 on Friday. The stock’s 50 day simple moving average is $337.08 and its 200 day simple moving average is $328.63. The company has a market cap of $83.31 billion, a P/E ratio of 15.32, a price-to-earnings-growth ratio of 1.89 and a beta of 0.51. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75.

Elevance Health (NYSE:ELV – Get Free Report) last released its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. During the same quarter in the previous year, the company posted $8.37 earnings per share. The company’s quarterly revenue was up 12.0% on a year-over-year basis. On average, research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, December 5th. Elevance Health’s payout ratio is currently 27.96%.

About Elevance Health

(Free Report)

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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