Jones Financial Companies Lllp Acquires New Shares in Elevance Health, Inc. $ELV

Key Points

• Jones Financial Companies acquired 13,272 Elevance Health shares worth approximately $5.13 million during the second quarter. Institutional investors and hedge funds collectively own 89.24% of the company.
• Elevance Health reported quarterly earnings of $7.45 per share, exceeding analysts’ $6.21 estimate, 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 consensus “Moderate Buy” rating with an average price target of $440.90, compared with the stock’s reported price of $402.62.

Jones Financial Companies Lllp purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 13,272 shares of the company's stock, valued at approximately $5,133,000.

Several other institutional investors and hedge funds have also modified their holdings of ELV. BlackRock Inc. acquired a new stake in Elevance Health during the 2nd quarter worth approximately $7,344,424,000. Bank of New York Mellon Corp acquired a new position in shares of Elevance Health in the second quarter valued at approximately $1,246,349,000. Norges Bank acquired a new position in shares of Elevance Health in the fourth quarter valued at approximately $1,058,165,000. Wellington Management Group LLP increased its position in shares of Elevance Health by 25.2% during the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company's stock worth $2,906,051,000 after acquiring an additional 1,668,679 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Elevance Health by 27.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company's stock worth $2,610,261,000 after acquiring an additional 1,607,274 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $402.62 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The stock's fifty day moving average price is $394.79 and its two-hundred day moving average price is $360.49. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24. The firm has a market cap of $87.32 billion, a price-to-earnings ratio of 17.89, a P/E/G ratio of 2.29 and a beta of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping the consensus estimate of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to analysts' expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business's revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company earned $8.84 EPS. On average, equities analysts forecast that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be given 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 have issued reports on ELV. Evercore reiterated a "hold" rating on shares of Elevance Health in a report on Tuesday, May 19th. Morgan Stanley increased their price objective on Elevance Health from $352.00 to $404.00 and gave the stock an "equal weight" rating in a report on Thursday, June 4th. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a research report 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, Wells Fargo & Company decreased their price target on Elevance Health from $492.00 to $473.00 and set an "overweight" rating for the company in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $440.90.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.34% of the company's stock.

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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