TrinityBridge Ltd Acquires New Position in Elevance Health, Inc. $ELV

Key Points

• TrinityBridge Ltd acquired 4,086 shares of Elevance Health in the second quarter, valued at approximately $1.58 million. Institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly earnings of $7.45 per share, exceeding estimates of $6.21, while revenue reached $49.83 billion, up 0.8% year over year.
• The company declared a quarterly dividend of $1.72 per share, or $6.88 annualized, representing a 1.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $440.90.

TrinityBridge Ltd bought a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,086 shares of the company's stock, valued at approximately $1,580,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. Sei Investments Co. raised its position in shares of Elevance Health by 7.7% during the 2nd quarter. Sei Investments Co. now owns 163,668 shares of the company's stock valued at $63,666,000 after purchasing an additional 11,745 shares during the period. Glenview Trust co boosted its holdings in Elevance Health by 41.5% in the 2nd quarter. Glenview Trust co now owns 1,619 shares of the company's stock worth $630,000 after buying an additional 475 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Elevance Health by 6.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company's stock worth $25,650,000 after buying an additional 4,272 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Elevance Health by 5.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company's stock worth $16,478,000 after buying an additional 2,012 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in Elevance Health by 111.8% in the 2nd quarter. Quantinno Capital Management LP now owns 43,911 shares of the company's stock worth $17,080,000 after buying an additional 23,180 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health 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 sale, the director 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 legal filing with the SEC, which is available through the SEC website. 0.34% of the stock is owned by corporate insiders.

Elevance Health Stock Down 0.3%

ELV opened at $397.15 on Friday. The firm has a 50-day simple moving average of $394.82 and a two-hundred day simple moving average of $359.63. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The company has a market capitalization of $86.13 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. 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 issued 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 last year, the business posted $8.84 earnings per share. The business's quarterly revenue was up .8% compared to the same quarter last year. Analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

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

Wall Street Analysts Forecast Growth

ELV has been the topic of several research analyst reports. Robert W. Baird boosted their price objective on Elevance Health from $331.00 to $393.00 and gave the company a "neutral" rating in a research report on Thursday, July 16th. Leerink Partners increased their target price on Elevance Health from $364.00 to $395.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. The Goldman Sachs Group reissued a "neutral" rating and set a $395.00 target price on shares of Elevance Health in a research note on Thursday, July 16th. Citigroup raised Elevance Health to a "buy" rating in a report on Wednesday, April 29th. Finally, TD Cowen upped their price target on Elevance Health from $400.00 to $465.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently 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.

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