Andra AP fonden Takes $2.59 Million Position in Elevance Health, Inc. $ELV

Andra AP fonden acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the first quarter, HoldingsChannel.com reports. The fund acquired 8,840 shares of the company’s stock, valued at approximately $2,588,000.

Several other hedge funds have also modified their holdings of the business. Kemnay Advisory Services Inc. purchased a new stake in shares of Elevance Health during the 4th quarter worth $31,000. J.Safra Asset Management Corp purchased a new position in shares of Elevance Health during the 4th quarter worth approximately $32,000. ORG Partners LLC raised its holdings in shares of Elevance Health by 120.4% in the fourth quarter. ORG Partners LLC now owns 108 shares of the company’s stock worth $38,000 after acquiring an additional 59 shares during the last quarter. Dorato Capital Management purchased a new position in Elevance Health in the 4th quarter valued at about $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Elevance Health during the fourth quarter valued at approximately $38,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Down 1.1%

Shares of Elevance Health stock opened at $389.29 on Thursday. The company has a market capitalization of $84.42 billion, a P/E ratio of 17.30, a PEG ratio of 2.26 and a beta of 0.67. The business’s fifty day moving average price is $399.36 and its two-hundred day moving average price is $356.20. Elevance Health, Inc. has a 1-year low of $273.71 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 announced its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. The firm had revenue of $49.83 billion during the quarter, compared to analyst estimates 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 was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.84 EPS. As a group, research analysts forecast that Elevance Health, Inc. will post 27.08 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors 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 yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is presently 30.58%.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’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 value of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on ELV shares. UBS Group lifted their price target on Elevance Health from $400.00 to $460.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Barclays decreased their target price on Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a research report on Thursday, July 16th. Cantor Fitzgerald lifted their price target on shares of Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $395.00 target price on shares of Elevance Health in a research report on Thursday, July 16th. Finally, Robert W. Baird lifted their price target on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $440.90.

About Elevance Health

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.