Family Legacy Inc. Buys New Stake in Elevance Health, Inc. $ELV

Key Points

• Family Legacy Inc. purchased 7,435 Elevance Health shares during the second quarter, valued at approximately $2.875 million. Other institutional investors also increased their positions, with hedge funds and institutions owning 89.24% of the stock.
• Elevance Health reported quarterly EPS of $7.45, beating estimates of $6.21, while revenue reached $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, representing a 1.7% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $440.90 compared with the reported share price of $400.63.

Family Legacy Inc. purchased a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund purchased 7,435 shares of the company's stock, valued at approximately $2,875,000.

Several other hedge funds have also bought and sold shares of ELV. Sei Investments Co. lifted its position in shares of Elevance Health by 7.7% in the second quarter. Sei Investments Co. now owns 163,668 shares of the company's stock worth $63,666,000 after buying an additional 11,745 shares in the last quarter. Glenview Trust co grew its holdings in Elevance Health by 41.5% during the 2nd quarter. Glenview Trust co now owns 1,619 shares of the company's stock valued at $630,000 after buying an additional 475 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Elevance Health by 6.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company's stock worth $25,650,000 after acquiring an additional 4,272 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Elevance Health by 5.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company's stock worth $16,478,000 after acquiring an additional 2,012 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in shares of Elevance Health by 111.8% during the 2nd quarter. Quantinno Capital Management LP now owns 43,911 shares of the company's stock valued at $17,080,000 after acquiring an additional 23,180 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Up 0.6%

Shares of ELV opened at $400.63 on Friday. The company has a market cap of $86.88 billion, a PE ratio of 17.81, a P/E/G ratio of 2.30 and a beta of 0.68. The business has a fifty day moving average of $396.05 and a 200 day moving average of $358.15. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same period in the previous year, the firm earned $8.84 earnings per share. Elevance Health's quarterly revenue was up .8% compared to the same quarter last year. On average, sell-side analysts expect that Elevance Health, Inc. will post 27.07 EPS for the current year.

Elevance Health Announces Dividend

The company also recently declared 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 yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health's dividend payout ratio is presently 30.58%.

Insiders Place Their Bets

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction dated 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 of the company's stock, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ELV shares. Cantor Fitzgerald boosted their price target on shares of Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Citigroup upgraded shares of Elevance Health to a "buy" rating in a research report on Wednesday, April 29th. Robert W. Baird lifted their price objective on shares of Elevance Health from $331.00 to $393.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Raymond James Financial set a $450.00 target price on shares of Elevance Health in a research report on Tuesday, July 7th. Finally, Guggenheim increased their price target on shares of Elevance Health from $399.00 to $455.00 and gave the company a "buy" rating in a report 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $440.90.

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.

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