Palmer Knight Co Takes Position in Elevance Health, Inc. $ELV

Key Points

• Palmer Knight Co acquired 22,163 shares of Elevance Health worth approximately $8.6 million, making ELV its 11th-largest holding and representing 3.3% of its portfolio. Institutional investors collectively own 89.24% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $440.90 price target; recent targets range from $393 to $450.
• Elevance Health exceeded quarterly earnings expectations, reporting $7.45 in EPS and $49.83 billion in revenue. The company also declared a quarterly dividend of $1.72 per share, equal to a 1.7% annualized yield.

Palmer Knight Co acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund acquired 22,163 shares of the company's stock, valued at approximately $8,571,000. Elevance Health accounts for approximately 3.3% of Palmer Knight Co's investment portfolio, making the stock its 11th biggest holding.

Other large investors have also added to or reduced their stakes in the company. WealthCollab LLC grew its holdings in Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock valued at $27,000 after buying an additional 27 shares in the last quarter. Signet Financial Management LLC boosted its position in shares of Elevance Health by 3.5% in the first quarter. Signet Financial Management LLC now owns 837 shares of the company's stock valued at $245,000 after acquiring an additional 28 shares during the period. Sapient Capital LLC grew its stake in Elevance Health by 1.2% during the first quarter. Sapient Capital LLC now owns 2,612 shares of the company's stock valued at $765,000 after acquiring an additional 31 shares in the last quarter. Mutual Advisors LLC grew its stake in Elevance Health by 1.4% during the fourth quarter. Mutual Advisors LLC now owns 2,290 shares of the company's stock valued at $803,000 after acquiring an additional 32 shares in the last quarter. Finally, Waddell & Associates LLC increased its holdings in Elevance Health by 2.6% during the 4th quarter. Waddell & Associates LLC now owns 1,241 shares of the company's stock worth $435,000 after acquiring an additional 32 shares during the period. Institutional investors own 89.24% of the company's stock.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on ELV shares. Evercore restated a "hold" rating on shares of Elevance Health in a research report on Tuesday, May 19th. Robert W. Baird lifted their price objective on Elevance Health from $331.00 to $393.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Cantor Fitzgerald raised their price target on Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Finally, Citigroup raised Elevance Health to a "buy" rating in a report on Wednesday, April 29th. Fifteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and a consensus price target of $440.90.

Elevance Health Stock Up 2.3%

ELV opened at $399.35 on Wednesday. The business's fifty day simple moving average is $394.99 and its 200 day simple moving average is $358.90. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 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. The stock has a market cap of $86.61 billion, a PE ratio of 17.75, a P/E/G ratio of 2.30 and a beta of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. The firm 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%.The company's revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $8.84 earnings per share. As a group, research analysts expect that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health's dividend payout ratio is currently 30.58%.

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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