OLD National Bancorp IN Grows Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• OLD National Bancorp IN increased its stake in Elevance Health, Inc. by 44.8%, now holding 6,267 shares valued at approximately $2.4 million as of its latest SEC filing.
• Elevance Health reported $8.84 earnings per share in its last quarterly earnings, missing analysts' expectations of $9.30, despite a revenue increase to $49.42 billion.
• The company recently declared a quarterly dividend of $1.71 per share, yielding approximately 2.0%, with an annualized payout of $6.84.

OLD National Bancorp IN raised its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 44.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,267 shares of the company's stock after acquiring an additional 1,939 shares during the period. OLD National Bancorp IN's holdings in Elevance Health were worth $2,438,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ELV. Private Wealth Management Group LLC lifted its position in Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares during the period. WPG Advisers LLC acquired a new stake in shares of Elevance Health in the 1st quarter valued at approximately $29,000. North Capital Inc. purchased a new stake in shares of Elevance Health in the first quarter valued at approximately $36,000. Saudi Central Bank acquired a new position in Elevance Health during the first quarter worth $40,000. Finally, Berbice Capital Management LLC purchased a new position in Elevance Health in the first quarter worth $43,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Price Performance

ELV stock opened at $350.08 on Tuesday. The stock's 50 day moving average price is $309.26 and its 200 day moving average price is $360.14. The firm has a market cap of $78.83 billion, a P/E ratio of 14.90, a PEG ratio of 1.28 and a beta of 0.59. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $510.24.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The company had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The business's revenue was up 14.3% compared to the same quarter last year. During the same period last year, the firm earned $10.12 earnings per share. On average, sell-side analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were issued a dividend of $1.71 per share. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.0%. Elevance Health's payout ratio is 29.11%.

Insider Buying and Selling

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction on Friday, July 18th. The stock was bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Susan D. Devore acquired 1,200 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the acquisition, the director directly owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Leerink Partners reaffirmed a "market perform" rating and set a $310.00 price target (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Robert W. Baird decreased their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Weiss Ratings reissued a "sell (d+)" rating on shares of Elevance Health in a research note on Saturday, September 27th. Finally, Guggenheim dropped their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus target price of $411.06.

About Elevance Health

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.

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