Ieq Capital LLC Acquires Shares of 20,105 Elevance Health, Inc. $ELV

Ieq Capital LLC acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, Holdings Channel reports. The fund acquired 20,105 shares of the company’s stock, valued at approximately $7,775,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Elevance Health during the second quarter worth approximately $7,344,424,000. Bank of New York Mellon Corp acquired a new stake in shares of Elevance Health during the second quarter worth $1,246,349,000. Norges Bank purchased a new position in Elevance Health in the 4th quarter valued at $1,058,165,000. Wellington Management Group LLP grew its position in Elevance Health by 25.2% in the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after buying an additional 1,668,679 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock valued at $2,610,261,000 after buying an additional 1,607,274 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ELV. Mizuho raised their target price on shares of Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. JPMorgan Chase & Co. increased their price target on shares of Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. Sanford C. Bernstein set a $488.00 price objective on shares of Elevance Health in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Finally, Leerink Partners boosted their target price on Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Insider Buying and Selling

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s 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 transaction, the director directly 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 legal filing with the SEC, which can be accessed through this link. Insiders own 0.34% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $400.66 on Monday. The business has a 50 day moving average price of $394.76 and a 200 day moving average price of $360.04. The company has a market capitalization of $86.89 billion, a P/E ratio of 17.81, a PEG ratio of 2.29 and a beta of 0.68. Elevance Health, Inc. has a 1-year low of $274.84 and a 1-year high of $436.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The company had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.Elevance Health’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business earned $8.84 earnings per share. Sell-side analysts expect that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be given a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health’s payout ratio is currently 30.58%.

Elevance Health 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.