Beverly Hills Private Wealth LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 20,350 shares of the company’s stock, valued at approximately $7,870,000. Elevance Health accounts for approximately 1.5% of Beverly Hills Private Wealth LLC’s holdings, making the stock its 19th biggest holding.
Several other large investors also recently made changes to their positions in the stock. Sei Investments Co. raised its stake in shares of Elevance Health by 7.7% in the 2nd quarter. Sei Investments Co. now owns 163,668 shares of the company’s stock valued at $63,666,000 after purchasing an additional 11,745 shares during the period. Glenview Trust co increased its position in shares of Elevance Health by 41.5% in the second quarter. Glenview Trust co now owns 1,619 shares of the company’s stock valued at $630,000 after acquiring an additional 475 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Elevance Health by 6.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company’s stock valued at $25,650,000 after acquiring an additional 4,272 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Elevance Health by 5.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company’s stock worth $16,478,000 after acquiring an additional 2,012 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in Elevance Health by 111.8% during the second quarter. Quantinno Capital Management LP now owns 43,911 shares of the company’s stock valued at $17,080,000 after purchasing an additional 23,180 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on ELV shares. JPMorgan Chase & Co. increased their price objective on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a report on Monday, June 8th. Cantor Fitzgerald boosted their target price on shares of Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Morgan Stanley upped their price target on shares of Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. Weiss Ratings upgraded shares of Elevance Health from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 18th. Finally, Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $440.90.
Elevance Health Stock Performance
Shares of NYSE ELV opened at $400.63 on Monday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $86.88 billion, a P/E ratio of 17.81, a P/E/G ratio of 2.30 and a beta of 0.68. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The stock has a 50 day moving average of $396.05 and a 200-day moving average of $358.01.
Elevance Health (NYSE:ELV – Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter in the prior year, the business earned $8.84 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. As a group, equities research analysts predict that Elevance Health, Inc. will post 27.07 EPS for the current year.
Elevance Health Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is currently 30.58%.
Insider Activity
In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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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