Hara Capital LLC Buys New Stake in Elevance Health, Inc. $ELV

Key Points

• Hara Capital initiated a 9,705-share Elevance Health stake valued at approximately $3.75 million, while institutional investors collectively own 89.24% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $440.90; Elevance recently exceeded quarterly EPS and revenue expectations.
• Elevance Health declared a quarterly dividend of $1.72 per share, equivalent to $6.88 annually and a 1.7% yield, with a 30.58% payout ratio.

Hara Capital LLC bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 9,705 shares of the company's stock, valued at approximately $3,753,000. Elevance Health comprises about 2.0% of Hara Capital LLC's holdings, making the stock its 12th biggest position.

Several other hedge funds also recently bought and sold shares of ELV. M&T Bank Corp lifted its holdings in Elevance Health by 160.4% in the 4th quarter. M&T Bank Corp now owns 50,486 shares of the company's stock valued at $17,698,000 after purchasing an additional 31,101 shares in the last quarter. Stoneridge Investment Partners LLC purchased a new stake in shares of Elevance Health during the second quarter worth about $970,000. Solidarity Wealth LLC purchased a new stake in shares of Elevance Health during the fourth quarter worth about $1,433,000. Manning & Napier Advisors LLC raised its position in shares of Elevance Health by 1,423.1% in the fourth quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company's stock valued at $129,152,000 after buying an additional 344,237 shares during the last quarter. Finally, State of Wyoming acquired a new position in shares of Elevance Health in the second quarter valued at approximately $1,765,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ELV shares. Truist Financial raised their target price on shares of Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Bank of America increased their price target on Elevance Health from $435.00 to $460.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. Barclays reduced their price target on Elevance Health from $480.00 to $457.00 and set an "overweight" rating on the stock in a research note on Thursday, July 16th. Finally, Royal Bank Of Canada lowered their price objective on Elevance Health from $439.00 to $424.00 and set a "sector perform" rating for the company in a research report on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Trading Down 0.3%

Shares of ELV stock opened at $397.15 on Friday. The firm's 50-day simple moving average is $394.82 and its 200-day simple moving average is $359.63. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. Elevance Health, Inc. has a 1-year low of $274.84 and a 1-year high of $436.24. The firm has a market cap of $86.13 billion, a P/E ratio of 17.65, a PEG ratio of 2.29 and a beta of 0.68.

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

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health's payout ratio is currently 30.58%.

Insider Activity at Elevance Health

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

About Elevance Health

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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