17,588 Shares in Elevance Health, Inc. $ELV Acquired by Hardman Johnston Global Advisors LLC

Key Points

• Hardman Johnston Global Advisors LLC acquired 17,588 shares of Elevance Health, Inc., valued at approximately $6,841,000, marking a significant investment in the company during the second quarter.
• Analysts have adjusted their price targets for Elevance Health, with Wells Fargo setting a new target of $330, while Barclays raised its target to $373, indicating varying confidence levels among experts.
• Elevance Health recently reported quarterly earnings with an earnings per share of $8.84, which was below the consensus estimate of $9.30, although revenue increased by 14.3% year-over-year.

Hardman Johnston Global Advisors LLC acquired a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 17,588 shares of the company's stock, valued at approximately $6,841,000.

Other hedge funds also recently modified their holdings of the company. Nuveen LLC acquired a new position in Elevance Health during the first quarter valued at $789,943,000. Orbis Allan Gray Ltd grew its stake in Elevance Health by 31.4% during the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company's stock valued at $1,239,276,000 after acquiring an additional 680,228 shares in the last quarter. Vanguard Group Inc. grew its stake in Elevance Health by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock valued at $9,635,281,000 after acquiring an additional 666,534 shares in the last quarter. Boston Partners boosted its holdings in shares of Elevance Health by 241.3% during the first quarter. Boston Partners now owns 856,737 shares of the company's stock worth $372,039,000 after purchasing an additional 605,689 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Elevance Health by 13.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company's stock worth $1,164,041,000 after purchasing an additional 324,040 shares during the period. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company cut their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. Truist Financial dropped their price target on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Leerink Partners restated a "market perform" rating and issued a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Barclays lifted their price target on Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a report on Thursday, September 4th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $411.06.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $340.18 on Friday. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $510.24. The business has a 50-day moving average of $306.74 and a two-hundred day moving average of $362.26. The stock has a market capitalization of $76.60 billion, a P/E ratio of 14.48, a P/E/G ratio of 1.22 and a beta of 0.59. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same period in the previous year, the business posted $10.12 earnings per share. The firm's revenue was up 14.3% on a year-over-year basis. On average, equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 29.11%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Susan D. Devore acquired 1,200 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, the director owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gail Boudreaux acquired 8,500 shares of the company's stock in a transaction dated Friday, July 18th. The stock was acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the purchase, the chief executive officer directly owned 151,020 shares of the company's stock, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.

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