Pinnacle Wealth Management Advisory Group LLC Has $771,000 Holdings in Elevance Health, Inc. (NYSE:ELV)

Pinnacle Wealth Management Advisory Group LLC grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 6.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,635 shares of the company’s stock after acquiring an additional 98 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Elevance Health were worth $771,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ELV. National Pension Service lifted its holdings in shares of Elevance Health by 2.1% during the fourth quarter. National Pension Service now owns 405,257 shares of the company’s stock worth $191,103,000 after purchasing an additional 8,209 shares during the period. EdgeRock Capital LLC acquired a new position in shares of Elevance Health in the fourth quarter worth approximately $145,000. Hyman Charles D increased its position in Elevance Health by 0.4% during the 4th quarter. Hyman Charles D now owns 13,928 shares of the company’s stock valued at $6,568,000 after purchasing an additional 51 shares during the period. Sawgrass Asset Management LLC bought a new position in Elevance Health during the 4th quarter worth approximately $385,000. Finally, Barlow Wealth Partners Inc. acquired a new position in shares of Elevance Health in the 4th quarter worth approximately $1,027,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ELV. Barclays boosted their target price on shares of Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Royal Bank of Canada increased their price target on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. Truist Financial reiterated a “buy” rating and set a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Mizuho increased their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Finally, Wells Fargo & Company upped their price target on Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $587.42.

Elevance Health Stock Performance

Shares of Elevance Health stock traded down $2.82 during trading hours on Wednesday, hitting $533.35. 776,999 shares of the company’s stock traded hands, compared to its average volume of 1,042,833. The company has a fifty day simple moving average of $514.57 and a 200-day simple moving average of $490.26. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market capitalization of $123.96 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 1.16 and a beta of 0.79. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $542.07.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The firm 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 company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company earned $9.46 earnings per share. Equities research analysts anticipate that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.22%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Insider Activity at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is currently owned by company insiders.

Elevance Health Company Profile

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.