Formuepleje A S Buys 3,263 Shares of Elevance Health, Inc. $ELV

Key Points

• Formuepleje A S increased its Elevance Health stake by 15.9% in the second quarter, adding 3,263 shares to own 23,786 shares valued at approximately $9.2 million. Institutional investors collectively own 89.24% of the company.
• Analysts maintain a generally positive outlook, with 15 Buy ratings and eight Holds. Elevance has a consensus “Moderate Buy” rating and an average price target of $440.90.
• Elevance exceeded quarterly expectations, reporting $7.45 in adjusted earnings per share and $49.83 billion in revenue. The company also declared a quarterly dividend of $1.72 per share, equivalent to a 1.7% annual yield.

Formuepleje A S lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 15.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,786 shares of the company's stock after acquiring an additional 3,263 shares during the quarter. Elevance Health makes up approximately 0.7% of Formuepleje A S's holdings, making the stock its 24th biggest holding. Formuepleje A S's holdings in Elevance Health were worth $9,199,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Stoneridge Investment Partners LLC bought a new stake in shares of Elevance Health in the second quarter valued at about $970,000. State of Wyoming bought a new position in Elevance Health during the 2nd quarter worth about $1,765,000. Mawer Investment Management Ltd. increased its position in Elevance Health by 10.9% during the 4th quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company's stock valued at $72,597,000 after purchasing an additional 20,438 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in shares of Elevance Health in the 2nd quarter valued at about $1,267,000. Finally, Handelsbanken Fonder AB raised its holdings in shares of Elevance Health by 7.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 79,811 shares of the company's stock valued at $30,865,000 after purchasing an additional 5,772 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analysts Set New Price Targets

ELV has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on shares of Elevance Health from $411.00 to $476.00 and gave the company an "overweight" rating in a research note on Monday, June 8th. Truist Financial upped their target price on Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Elevance Health in a research report on Thursday, August 13th. Morgan Stanley lifted their price target on Elevance Health from $352.00 to $404.00 and gave the company an "equal weight" rating in a report on Thursday, June 4th. Finally, Guggenheim boosted their price target on Elevance Health from $399.00 to $455.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Fifteen 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, Elevance Health currently has an average rating of "Moderate Buy" and a consensus target price of $440.90.

Elevance Health Stock Down 0.1%

Shares of Elevance Health stock opened at $407.05 on Monday. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market cap of $88.28 billion, a P/E ratio of 18.09, a PEG ratio of 2.12 and a beta of 0.69. The firm's 50 day moving average price is $396.72 and its 200-day moving average price is $364.70. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results 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. 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 the consensus estimate of $48.88 billion. During the same period last year, the firm earned $8.84 earnings per share. Elevance Health's revenue was up .8% compared to the same quarter last year. On average, sell-side analysts predict that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health's dividend payout ratio (DPR) is presently 30.58%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Robert Dixon, Jr. sold 151 shares of the 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 completion of the sale, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.34% of the stock is owned by insiders.

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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