Elevance Health, Inc. $ELV Position Increased by Empowered Funds LLC

Key Points

• Empowered Funds LLC increased its Elevance Health stake by 132.9% in the second quarter, bringing its holdings to 53,343 shares worth approximately $20.6 million. Institutional investors collectively own 89.24% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $440.90; several firms recently raised their targets, although Royal Bank of Canada and Robert W. Baird kept neutral ratings.
• Elevance Health reported quarterly adjusted earnings of $7.45 per share, beating estimates by $1.24, and announced a quarterly dividend of $1.72 per share, representing a 1.7% yield.

Empowered Funds LLC boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 132.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,343 shares of the company's stock after purchasing an additional 30,442 shares during the quarter. Empowered Funds LLC's holdings in Elevance Health were worth $20,629,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ELV. United Capital Financial Advisors LLC boosted its holdings in shares of Elevance Health by 15.7% during the second quarter. United Capital Financial Advisors LLC now owns 9,403 shares of the company's stock valued at $3,636,000 after acquiring an additional 1,275 shares during the period. Dearborn Partners LLC bought a new stake in Elevance Health in the 2nd quarter valued at about $354,000. Equitable Holdings Inc. bought a new stake in Elevance Health in the 2nd quarter valued at about $599,000. Jefferies Financial Group Inc. boosted its position in shares of Elevance Health by 24.0% during the second quarter. Jefferies Financial Group Inc. now owns 180,619 shares of the company's stock worth $69,851,000 after buying an additional 34,972 shares during the period. Finally, Redwood Investment Management LLC acquired a new position in Elevance Health during the 2nd quarter worth $1,163,000. 89.24% of the stock is currently owned by institutional investors.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Mizuho increased their price objective on shares of Elevance Health from $435.00 to $465.00 and gave the company an "outperform" rating in a report on Monday, June 8th. Royal Bank Of Canada cut their price objective on Elevance Health from $439.00 to $424.00 and set a "sector perform" rating for the company in a report on Thursday, July 16th. Cantor Fitzgerald raised their target price on Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. 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 research report on Thursday, July 16th. Finally, Robert W. Baird upped their price target on shares of Elevance Health from $331.00 to $393.00 and gave the company a "neutral" 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 company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Stock Down 0.8%

Shares of Elevance Health stock opened at $399.17 on Friday. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. The company has a market cap of $86.57 billion, a P/E ratio of 17.74, a P/E/G ratio of 2.30 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 $395.23 and a 200 day moving average price of $361.82.

Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating 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%.The firm's quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.84 EPS. As a group, analysts expect that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health's dividend payout ratio (DPR) 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.

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