Rockland Trust Co. raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) by 1.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,467 shares of the company’s stock after buying an additional 1,307 shares during the quarter. Elevance Health comprises about 1.0% of Rockland Trust Co.’s portfolio, making the stock its 26th biggest holding. Rockland Trust Co.’s holdings in Elevance Health were worth $26,478,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of ELV. WealthCollab LLC raised its holdings in Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after acquiring an additional 27 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Elevance Health in the fourth quarter valued at approximately $31,000. J.Safra Asset Management Corp acquired a new stake in shares of Elevance Health in the fourth quarter valued at approximately $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in Elevance Health during the fourth quarter worth approximately $38,000. Finally, Main Street Group LTD acquired a new position in Elevance Health during the first quarter worth $39,000. 89.24% of the stock is owned by hedge funds and other institutional investors.
Elevance Health Stock Up 0.7%
Shares of NYSE ELV opened at $394.27 on Friday. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The business’s 50 day moving average is $396.55 and its two-hundred day moving average is $357.24. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24. The firm has a market cap of $85.51 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 2.25 and a beta of 0.68.
Elevance Health Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio is currently 30.58%.
Analyst Ratings Changes
Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their price target on Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. Leerink Partners lifted their target price on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Barclays dropped their price target on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a research note on Thursday, July 16th. Bank of America lifted their price target on shares of Elevance Health from $435.00 to $460.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, TD Cowen increased their price objective on Elevance Health from $400.00 to $465.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and an average price target of $440.90.
Read Our Latest Report on Elevance Health
Insider Activity at Elevance Health
In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.34% of the company’s stock.
Elevance Health Company Profile
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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