Redwood Investment Management LLC Invests $1.16 Million in Elevance Health, Inc. $ELV

Key Points

• Redwood Investment Management acquired 3,007 Elevance Health shares in the second quarter, worth approximately $1.16 million. Institutional investors collectively own 89.24% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $440.90, while individual targets range from $424 to $488.
• Elevance reported quarterly EPS of $7.45, beating estimates by $1.24, and revenue of $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, representing a 1.7% yield.

Redwood Investment Management LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 3,007 shares of the company's stock, valued at approximately $1,163,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. WealthCollab LLC lifted its stake in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company's stock valued at $27,000 after acquiring an additional 27 shares during the last quarter. Kilter Group LLC bought a new position in shares of Elevance Health in the 2nd quarter valued at about $28,000. Kemnay Advisory Services Inc. acquired a new position in shares of Elevance Health during the 4th quarter worth about $31,000. J.Safra Asset Management Corp bought a new stake in shares of Elevance Health in the 4th quarter valued at about $32,000. Finally, Main Street Group LTD bought a new stake in shares of Elevance Health in the 1st quarter valued at about $39,000. 89.24% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents 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 owned by insiders.

Analysts Set New Price Targets

ELV has been the subject of a number of research analyst reports. Evercore reiterated a "hold" rating on shares of Elevance Health in a report on Tuesday, May 19th. Sanford C. Bernstein set a $488.00 price objective on Elevance Health in a research note on Thursday, July 16th. Truist Financial lifted their target price on Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Citigroup upgraded Elevance Health to a "buy" rating in a research note on Wednesday, April 29th. Finally, Royal Bank Of Canada cut their price target 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. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and a consensus price target of $440.90.

Elevance Health Trading Up 0.9%

Shares of NYSE:ELV opened at $402.62 on Thursday. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The stock has a market cap 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 business has a 50 day moving average of $395.02 and a 200-day moving average of $361.40. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. The company had revenue of $49.83 billion for 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% compared to the same quarter last year. During the same quarter last year, the company earned $8.84 earnings per share. As a group, equities research analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Dividend Announcement

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

Elevance Health Company Profile

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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