Wealthfront Advisers LLC Makes New $8.60 Million Investment in Elevance Health, Inc. $ELV

Key Points

• Wealthfront Advisers acquired 22,226 Elevance Health shares worth approximately $8.60 million in the second quarter. Institutional investors collectively own 89.24% of the company, with BlackRock also initiating a sizable position.
• Analysts remain broadly positive, with 15 Buy ratings and eight Hold ratings, producing a “Moderate Buy” consensus and an average price target of $440.90.
• Elevance Health exceeded quarterly expectations, reporting $7.45 in earnings per share and $49.83 billion in revenue. The company also declared a quarterly dividend of $1.72 per share, representing a 1.7% annualized yield.

Wealthfront Advisers LLC acquired 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 Securities and Exchange Commission. The firm acquired 22,226 shares of the company's stock, valued at approximately $8,596,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Elevance Health in the second quarter valued at approximately $7,344,424,000. Wellington Management Group LLP grew its position in shares of Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company's stock worth $2,906,051,000 after buying an additional 1,668,679 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company's stock valued at $2,610,261,000 after acquiring an additional 1,607,274 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Elevance Health by 10.0% in the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company's stock valued at $1,764,231,000 after acquiring an additional 455,946 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its position in shares of Elevance Health by 0.6% during the 4th quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company's stock valued at $1,410,219,000 after acquiring an additional 24,271 shares during the period. Institutional investors own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ELV. Evercore restated a "hold" rating on shares of Elevance Health in a report on Tuesday, May 19th. Guggenheim upped their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the company a "buy" rating in a report on Thursday, July 16th. Bank of America increased their price objective on shares of Elevance Health from $435.00 to $460.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Morgan Stanley raised their target price on Elevance Health from $352.00 to $404.00 and gave the company an "equal weight" rating in a research note on Thursday, June 4th. Finally, Cantor Fitzgerald boosted their target price on Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Fifteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $440.90.

Elevance Health Stock Performance

Shares of ELV stock opened at $398.53 on Thursday. The firm has a market capitalization of $86.43 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. The firm has a fifty day simple moving average of $394.87 and a two-hundred day simple moving average of $359.27. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month 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. The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business's quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the firm earned $8.84 earnings per share. Analysts forecast that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors 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 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 Elevance Health stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.34% of the company's stock.

Elevance Health 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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