Johnson Financial Group Inc. Buys Shares of 13,053 Elevance Health, Inc. $ELV

Key Points

• Johnson Financial Group initiated a position in Elevance Health by purchasing 13,053 shares valued at approximately $5.05 million. Institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly EPS of $7.45, exceeding estimates of $6.21, while revenue reached $49.83 billion and rose 0.8% year over year.
• The company declared a quarterly dividend of $1.72 per share, equivalent to an annualized $6.88 payout and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $440.90.

Johnson Financial Group Inc. purchased a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 13,053 shares of the company's stock, valued at approximately $5,048,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. M&T Bank Corp boosted its stake in Elevance Health by 160.4% during 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 bought a new stake in shares of Elevance Health in the 2nd quarter worth $970,000. Solidarity Wealth LLC bought a new stake in shares of Elevance Health in the 4th quarter worth $1,433,000. Manning & Napier Advisors LLC lifted its holdings 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 period. Finally, State of Wyoming bought a new position in Elevance Health during the second quarter valued at about $1,765,000. 89.24% of the stock is currently owned by institutional investors.

Insider Activity at Elevance Health

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

Elevance Health Stock Up 0.1%

Shares of Elevance Health stock opened at $398.53 on Thursday. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The firm has a market capitalization of $86.43 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. 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 stock's fifty day moving average is $394.87 and its 200-day moving average is $359.27.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly 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 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 for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the company posted $8.84 EPS. Equities analysts anticipate that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders 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 dividend on an annualized basis and a yield of 1.7%. Elevance Health's dividend payout ratio is currently 30.58%.

Analysts Set New Price Targets

A number of research firms recently issued reports on ELV. Morgan Stanley lifted their target price on Elevance Health from $352.00 to $404.00 and gave the stock an "equal weight" rating in a report on Thursday, June 4th. JPMorgan Chase & Co. upped their price target on shares of Elevance Health from $411.00 to $476.00 and gave the company an "overweight" rating in a report on Monday, June 8th. UBS Group raised their price objective on shares of Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a research report on Friday, May 22nd. Evercore reaffirmed a "hold" rating on shares of Elevance Health in a research note on Tuesday, May 19th. Finally, Robert W. Baird boosted their target price on shares of Elevance Health from $331.00 to $393.00 and gave the stock a "neutral" 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. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $440.90.

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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