Pallas Capital Advisors LLC Has $234,000 Stock Position in Elevance Health, Inc. $ELV

Key Points

• Pallas Capital Advisors LLC reduced its holdings in Elevance Health, Inc. by 83.3%, now owning only 600 shares valued at $234,000.
• Several brokerages have adjusted their price targets for Elevance Health, with Leerink Partners lowering its target to $310.00 from a previous $510.00, while other firms have also issued revised ratings.
• Elevance Health recently announced a quarterly dividend of $1.71, representing a 2.1% yield, with an anticipated payout ratio of 29.11%.

Pallas Capital Advisors LLC cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 83.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 600 shares of the company's stock after selling 2,988 shares during the period. Pallas Capital Advisors LLC's holdings in Elevance Health were worth $234,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of ELV. Goelzer Investment Management Inc. boosted its position in Elevance Health by 61.7% during the 2nd quarter. Goelzer Investment Management Inc. now owns 1,332 shares of the company's stock worth $518,000 after acquiring an additional 508 shares during the last quarter. Aaron Wealth Advisors LLC lifted its position in shares of Elevance Health by 66.5% in the second quarter. Aaron Wealth Advisors LLC now owns 1,087 shares of the company's stock worth $423,000 after purchasing an additional 434 shares in the last quarter. Czech National Bank lifted its position in shares of Elevance Health by 3.7% in the second quarter. Czech National Bank now owns 55,226 shares of the company's stock worth $21,481,000 after purchasing an additional 1,957 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Elevance Health by 19.6% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 33,536 shares of the company's stock worth $13,044,000 after purchasing an additional 5,500 shares in the last quarter. Finally, Chemistry Wealth Management LLC increased its stake in Elevance Health by 6.9% in the 2nd quarter. Chemistry Wealth Management LLC now owns 7,840 shares of the company's stock valued at $3,049,000 after buying an additional 506 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ELV. Leerink Partners restated a "market perform" rating and issued a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Argus reissued a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Truist Financial reduced their price target on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Wells Fargo & Company dropped their price objective on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, August 15th. Finally, Barclays boosted their target price on shares of Elevance Health from $327.00 to $373.00 and gave the stock an "overweight" rating in a report on Thursday, September 4th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $411.06.

Elevance Health Stock Performance

NYSE ELV opened at $318.47 on Tuesday. The stock has a market cap of $71.71 billion, a PE ratio of 13.55, a P/E/G ratio of 1.15 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 52-week low of $273.71 and a 52-week high of $542.22. The firm has a 50-day moving average of $302.61 and a 200-day moving average of $366.74.

Elevance Health (NYSE:ELV - Get Free Report) last posted its 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). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same period in the prior year, the business posted $10.12 EPS. The firm's quarterly revenue was up 14.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.1%. Elevance Health's dividend payout ratio (DPR) is 29.11%.

Insider Activity

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

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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