PDT Partners LLC Makes New $3.25 Million Investment in Elevance Health, Inc. $ELV

Key Points

• PDT Partners purchased 8,400 Elevance Health shares in the second quarter, worth approximately $3.25 million. Institutional investors and hedge funds collectively own 89.24% of the company.
• Elevance Health exceeded quarterly expectations, reporting $7.45 in EPS versus the $6.21 consensus estimate and $49.83 billion in revenue. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90.
• The company declared a quarterly dividend of $1.72 per share, equivalent to an annualized $6.88 payout and a 1.7% yield. A director separately sold 151 shares, while insiders own 0.34% of the stock.

PDT Partners LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 8,400 shares of the company's stock, valued at approximately $3,249,000.

A number of other institutional investors and hedge funds have also bought and sold shares of ELV. Kilter Group LLC bought a new position in shares of Elevance Health during the second quarter worth about $28,000. Kemnay Advisory Services Inc. acquired a new stake in Elevance Health during the 4th quarter valued at approximately $31,000. J.Safra Asset Management Corp acquired a new stake in Elevance Health during the 4th quarter valued at approximately $32,000. WealthCollab LLC raised its holdings in Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after purchasing an additional 27 shares during the last quarter. Finally, Elevation Wealth Partners LLC lifted its position in shares of Elevance Health by 600.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company's stock worth $41,000 after purchasing an additional 90 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were 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 of the company's stock, 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 document filed with the SEC, which is available through the SEC website. Company insiders own 0.34% of the company's stock.

Elevance Health Stock Performance

NYSE ELV opened at $402.62 on Thursday. The company's 50 day simple moving average is $395.02 and its two-hundred day simple moving average is $361.40. The stock has a market capitalization of $87.32 billion, a PE ratio of 17.89, a P/E/G ratio of 2.28 and a beta of 0.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.21 by $1.24. The company 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 firm's quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company earned $8.84 earnings per share. 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. Stockholders of record on Thursday, September 10th will be issued a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health's payout ratio is presently 30.58%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Evercore reissued a "hold" rating on shares of Elevance Health in a research note on Tuesday, May 19th. Royal Bank Of Canada decreased their price objective on Elevance Health from $439.00 to $424.00 and set a "sector perform" rating for the company in a report on Thursday, July 16th. Cantor Fitzgerald increased their price objective on shares of Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Mizuho lifted their target price on Elevance Health from $435.00 to $465.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. Finally, Wells Fargo & Company lowered their price target on shares of Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock in a report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source