Braidwell LP Sells 8,120 Shares of Elevance Health, Inc. $ELV

Key Points

• Braidwell LP reduced its Elevance Health stake by 13.1% in the second quarter, selling 8,120 shares and retaining 53,960 shares valued at approximately $20.9 million. Institutional investors and hedge funds own 89.24% of the stock.
• Analysts maintain a generally positive outlook, with 15 Buy ratings and eight Holds, producing a “Moderate Buy” consensus and an average price target of $440.90.
• Elevance Health beat quarterly expectations with earnings of $7.45 per share and revenue of $49.83 billion. The company also declared a quarterly dividend of $1.72, equal to a 1.7% annualized yield.

Braidwell LP trimmed its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 13.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,960 shares of the company's stock after selling 8,120 shares during the period. Braidwell LP's holdings in Elevance Health were worth $20,868,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. WealthCollab LLC lifted its position in Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock valued at $27,000 after acquiring an additional 27 shares in the last quarter. Kilter Group LLC bought a new stake in Elevance Health during the 2nd quarter worth approximately $28,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Elevance Health in the fourth quarter worth approximately $31,000. J.Safra Asset Management Corp purchased a new stake in shares of Elevance Health in the fourth quarter worth approximately $32,000. Finally, Main Street Group LTD bought a new position in shares of Elevance Health in the first quarter valued at approximately $39,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ELV shares. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a report on Thursday, July 16th. Wells Fargo & Company cut their price objective on shares of Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock in a report on Thursday, July 16th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $395.00 target price on shares of Elevance Health in a research note on Thursday, July 16th. Truist Financial increased their target price on shares of Elevance Health from $450.00 to $475.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Finally, Guggenheim boosted their price target on shares of Elevance Health from $399.00 to $455.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Trading Up 0.8%

NYSE:ELV opened at $406.17 on Thursday. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. 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 firm's 50 day moving average is $395.92 and its 200 day moving average is $363.79. The stock has a market capitalization of $88.09 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 2.10 and a beta of 0.69.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.Elevance Health's revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company earned $8.84 earnings per share. Sell-side 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 announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid 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 dividend payout ratio (DPR) is presently 30.58%.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the company'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 sale, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by company insiders.

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.

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