Redwood Investment Management LLC Acquires Shares of 3,007 Elevance Health, Inc. $ELV

Redwood Investment Management LLC bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, HoldingsChannel reports. The institutional investor bought 3,007 shares of the company’s stock, valued at approximately $1,163,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Stoneridge Investment Partners LLC bought a new stake in Elevance Health during the 2nd quarter worth approximately $970,000. Manning & Napier Advisors LLC increased its position in Elevance Health by 1,423.1% in the 4th quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock valued at $129,152,000 after acquiring an additional 344,237 shares during the period. State of Wyoming bought a new position in shares of Elevance Health during the second quarter valued at $1,765,000. Mawer Investment Management Ltd. lifted its holdings in shares of Elevance Health by 10.9% during the fourth quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company’s stock worth $72,597,000 after purchasing an additional 20,438 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Elevance Health by 7.8% during the second quarter. Handelsbanken Fonder AB now owns 79,811 shares of the company’s stock worth $30,865,000 after purchasing an additional 5,772 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analysts Set New Price Targets

ELV has been the topic of several analyst reports. Royal Bank Of Canada reduced their price objective on shares of Elevance Health from $439.00 to $424.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Robert W. Baird upped their price target on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Wells Fargo & Company decreased their price target on Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a research note on Thursday, July 16th. Finally, Guggenheim raised their price objective on Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. 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 stock currently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director owned 10,734 shares of the company’s stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.34% of the stock is currently owned by company insiders.

Elevance Health Stock Performance

ELV stock opened at $402.62 on Thursday. The firm has a market cap of $87.32 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 2.28 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 $395.02 and a 200-day moving average price of $361.40. Elevance Health, Inc. has a 1-year low of $274.84 and a 1-year high of $436.24.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the prior year, the company earned $8.84 EPS. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities research analysts expect that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued 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 is presently 30.58%.

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.