NEOS Investment Management LLC Grows Stock Position in Elevance Health, Inc. $ELV

Key Points

• NEOS Investment Management increased its Elevance Health stake by 14% in the second quarter, ending with 35,545 shares valued at approximately $13.75 million. Institutional investors and hedge funds collectively own 89.24% of the company.
• Elevance Health reported quarterly earnings of $7.45 per share, exceeding analyst expectations 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.
• Analyst sentiment remains favorable, with 15 Buy ratings and eight Hold ratings; the stock has a “Moderate Buy” consensus and an average price target of $440.90, above its reported price of $407.05.

NEOS Investment Management LLC raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 14.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,545 shares of the company's stock after buying an additional 4,363 shares during the quarter. NEOS Investment Management LLC's holdings in Elevance Health were worth $13,746,000 as of its most recent SEC filing.

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

Elevance Health Stock Down 1.9%

Shares of NYSE:ELV opened at $407.05 on Friday. The firm's 50 day moving average price is $396.72 and its 200 day moving average price is $364.57. The stock has a market cap of $88.28 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 2.16 and a beta of 0.69. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two 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 earnings results 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. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion during the quarter, compared to analysts' expectations of $48.88 billion. During the same quarter in the previous year, the business earned $8.84 earnings per share. The firm's revenue was up .8% compared to the same quarter last year. As a group, equities research analysts predict that Elevance Health, Inc. will post 27.18 earnings per share 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. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health's payout ratio is currently 30.58%.

Insider Transactions at Elevance Health

In related news, Director Robert Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction that occurred 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 sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

ELV has been the subject of several recent analyst reports. Truist Financial raised their target price on Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Raymond James Financial set a $450.00 price objective on Elevance Health in a research report on Tuesday, July 7th. TD Cowen boosted their price objective on shares of Elevance Health from $400.00 to $465.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $395.00 target price on shares of Elevance Health in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada dropped their price target on shares of 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 given a Hold rating to the company. According to MarketBeat, Elevance Health currently has an average rating of "Moderate Buy" and a consensus target price 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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