Ieq Capital LLC Invests $7.78 Million in Elevance Health, Inc. $ELV

Ieq Capital LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,105 shares of the company’s stock, valued at approximately $7,775,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. Stoneridge Investment Partners LLC purchased a new position in Elevance Health in the second quarter valued at $970,000. Manning & Napier Advisors LLC boosted its position in shares of 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 acquiring an additional 344,237 shares in the last quarter. State of Wyoming acquired a new position in shares of Elevance Health during the 2nd quarter worth about $1,765,000. Mawer Investment Management Ltd. increased its holdings in shares of Elevance Health by 10.9% in the 4th quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company’s stock valued at $72,597,000 after acquiring an additional 20,438 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its position in shares of Elevance Health by 7.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 79,811 shares of the company’s stock worth $30,865,000 after acquiring an additional 5,772 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by company insiders.

Elevance Health Trading Up 0.0%

NYSE:ELV opened at $400.66 on Monday. The stock’s 50 day moving average price is $394.76 and its 200 day moving average price is $360.04. The company has a market capitalization of $86.89 billion, a PE ratio of 17.81, a P/E/G 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, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the previous year, the company posted $8.84 earnings per share. The firm’s revenue was up .8% compared to the same quarter last year. On average, research analysts anticipate that Elevance Health, Inc. will post 27.18 EPS for the current 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 is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health’s dividend payout ratio is 30.58%.

Analyst Ratings Changes

Several research firms recently weighed in on ELV. Sanford C. Bernstein set a $488.00 target price on Elevance Health in a research note on Thursday, July 16th. Cantor Fitzgerald increased their price target 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. Leerink Partners raised their price objective on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. Barclays lowered their target price on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. Finally, Morgan Stanley lifted their price target on shares of Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 4th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $440.90.

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.