Paralel Advisors LLC Makes New Investment in Elevance Health, Inc. $ELV

Key Points

• Paralel Advisors LLC initiated a position in Elevance Health during the second quarter, purchasing 7,891 shares valued at approximately $3.05 million. Institutional investors collectively own 89.24% of the company.
• Elevance Health exceeded quarterly expectations, reporting $7.45 in earnings per share versus the $6.21 consensus estimate and $49.83 billion in revenue. Analysts have a consensus “Moderate Buy” rating and an average price target of $440.90.
• The company declared a quarterly dividend of $1.72 per share, equivalent to $6.88 annually and a 1.7% yield. The dividend is payable September 25 to shareholders of record as of September 10.

Paralel Advisors LLC bought a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 7,891 shares of the company's stock, valued at approximately $3,052,000.

Several other hedge funds have also recently made changes to their positions in ELV. WealthCollab LLC grew its position in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after acquiring an additional 27 shares in the last quarter. Kilter Group LLC purchased a new stake in Elevance Health during the second quarter valued at approximately $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Elevance Health in the 4th quarter valued at approximately $31,000. J.Safra Asset Management Corp bought a new stake in shares of Elevance Health in the 4th quarter valued at approximately $32,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Elevance Health in the 4th quarter worth approximately $38,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

ELV stock opened at $397.15 on Friday. 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 business's fifty day simple moving average is $394.82 and its two-hundred day simple moving average is $359.63. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24. The firm has a market cap of $86.13 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 2.29 and a beta of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last released 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. The business had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business's revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the company earned $8.84 earnings per share. Analysts predict that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a dividend of $1.72 per share. The ex-dividend date 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 (DPR) is presently 30.58%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares of the company's stock, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on ELV. Guggenheim boosted their target price on Elevance Health from $399.00 to $455.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Robert W. Baird raised their price target on Elevance Health from $331.00 to $393.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. UBS Group lifted their price objective on shares of Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a research note on Friday, May 22nd. Leerink Partners boosted their price objective on shares of Elevance Health from $364.00 to $395.00 and gave the company a "market perform" rating in a research report on Friday, July 17th. Finally, TD Cowen increased their target price on shares of Elevance Health from $400.00 to $465.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Elevance Health has a consensus rating of "Moderate Buy" and a consensus target price of $440.90.

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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