Stanley Capital Management LLC Purchases New Position in Elevance Health, Inc. $ELV

Key Points

• Stanley Capital Management acquired 72,819 Elevance Health shares worth approximately $28.2 million, making ELV its sixth-largest holding. Institutional investors collectively own 89.24% of the company.
• Elevance reported quarterly earnings of $7.45 per share, surpassing estimates of $6.21, while revenue reached $49.83 billion. Shares opened at $398.64, down 1.0%.
• The company declared a quarterly dividend of $1.72, equivalent to $6.88 annually and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90.

Stanley Capital 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 72,819 shares of the company's stock, valued at approximately $28,161,000. Elevance Health comprises about 3.7% of Stanley Capital Management LLC's investment portfolio, making the stock its 6th largest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Stoneridge Investment Partners LLC acquired a new stake in shares of Elevance Health in the 2nd quarter valued at about $970,000. Manning & Napier Advisors LLC raised its stake in Elevance Health by 1,423.1% during the 4th quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company's stock worth $129,152,000 after buying an additional 344,237 shares during the period. State of Wyoming bought a new position in Elevance Health in the second quarter worth approximately $1,765,000. Mawer Investment Management Ltd. boosted its holdings in Elevance Health by 10.9% in the fourth quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company's stock worth $72,597,000 after acquiring an additional 20,438 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its stake in Elevance Health by 7.8% in the second quarter. Handelsbanken Fonder AB now owns 79,811 shares of the company's stock valued at $30,865,000 after acquiring an additional 5,772 shares during the period. Institutional investors own 89.24% of the company's stock.

Elevance Health Trading Down 1.0%

Shares of ELV opened at $398.64 on Wednesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The firm has a market cap of $86.45 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 2.31 and a beta of 0.68. The firm has a 50 day moving average price of $394.81 and a 200-day moving average price of $360.90. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating analysts' consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the prior year, the firm posted $8.84 earnings per share. The business's quarterly revenue was up .8% compared to the same quarter last year. 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 announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a $1.72 dividend. 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 dividend payout ratio is currently 30.58%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Royal Bank Of Canada cut their price objective on Elevance Health from $439.00 to $424.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 16th. JPMorgan Chase & Co. raised their price objective on shares of Elevance Health from $411.00 to $476.00 and gave the stock an "overweight" rating in a report on Monday, June 8th. Citigroup raised shares of Elevance Health to a "buy" rating in a research report on Wednesday, April 29th. The Goldman Sachs Group reissued a "neutral" rating and set a $395.00 target price on shares of Elevance Health in a research report on Thursday, July 16th. Finally, Guggenheim raised their price target on shares of Elevance Health from $399.00 to $455.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $440.90.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of 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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.34% of the company's stock.

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.

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