Pallas Capital Advisors LLC Buys New Shares in Elevance Health, Inc. $ELV

Pallas Capital Advisors LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,273 shares of the company’s stock, valued at approximately $492,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ELV. Kemnay Advisory Services Inc. acquired a new stake in shares of Elevance Health in the 4th quarter valued at about $31,000. J.Safra Asset Management Corp acquired a new position in Elevance Health during the 4th quarter worth approximately $32,000. WealthCollab LLC boosted its holdings in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after acquiring an additional 27 shares in the last quarter. Elevation Wealth Partners LLC boosted its holdings in Elevance Health by 600.0% in the second quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock worth $41,000 after acquiring an additional 90 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Elevance Health in the fourth quarter valued at approximately $38,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $398.53 on Thursday. The company has a market capitalization of $86.43 billion, a P/E ratio of 17.71, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. The company’s 50-day moving average is $394.87 and its 200 day moving average is $359.27. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. 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) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate of $6.21 by $1.24. The business 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 company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.84 earnings per share. On average, equities research analysts forecast that Elevance Health, Inc. will post 27.07 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. Investors of record on Thursday, September 10th will be paid 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 presently 30.58%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ELV shares. Truist Financial raised their price target on shares of Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. increased their price objective on Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. Robert W. Baird lifted their target price on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Wall Street Zen downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Raymond James Financial set a $450.00 price target on Elevance Health in a research report on Tuesday, July 7th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $440.90.

Insider Buying and Selling

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 completion of the transaction, the director directly owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.