Pallas Capital Advisors LLC Takes $492,000 Position in Elevance Health, Inc. $ELV

Pallas Capital Advisors LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, Holdings Channel reports. The institutional investor purchased 1,273 shares of the company’s stock, valued at approximately $492,000.

A number of other hedge funds have also bought and sold shares of ELV. WealthCollab LLC raised its holdings in Elevance Health by 42.2% during 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 period. Signet Financial Management LLC boosted its holdings in shares of Elevance Health by 3.5% in the first quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock worth $245,000 after acquiring an additional 28 shares during the period. Sapient Capital LLC grew its position in shares of Elevance Health by 1.2% in the first quarter. Sapient Capital LLC now owns 2,612 shares of the company’s stock valued at $765,000 after purchasing an additional 31 shares in the last quarter. Mutual Advisors LLC grew its position in shares of Elevance Health by 1.4% in the fourth quarter. Mutual Advisors LLC now owns 2,290 shares of the company’s stock valued at $803,000 after purchasing an additional 32 shares in the last quarter. Finally, Waddell & Associates LLC raised its stake in shares of Elevance Health by 2.6% during the 4th quarter. Waddell & Associates LLC now owns 1,241 shares of the company’s stock valued at $435,000 after purchasing an additional 32 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.34% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV opened at $398.53 on Thursday. The company has a market cap of $86.43 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. 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 stock has a 50-day moving average price of $394.87 and a 200-day moving average price of $359.27. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping the consensus estimate of $6.21 by $1.24. The company had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. Elevance Health’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the business earned $8.84 earnings per share. As a group, equities analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio is presently 30.58%.

Wall Street Analyst Weigh In

ELV has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft upgraded Elevance Health from a “hold” rating to a “buy” rating and raised their target price for the stock from $363.00 to $498.00 in a research note on Wednesday, May 20th. The Goldman Sachs Group reissued a “neutral” rating and issued a $395.00 price target on shares of Elevance Health in a report on Thursday, July 16th. Mizuho raised their price objective on shares of Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Bank of America boosted their price objective on shares of Elevance Health from $435.00 to $460.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, Morgan Stanley upped their target price on shares of Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $440.90.

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.