Peak Asset Management LLC Acquires Shares of 2,590 Elevance Health, Inc. $ELV

Peak Asset Management LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 2,590 shares of the company’s stock, valued at approximately $1,002,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. WealthCollab LLC lifted 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 purchasing an additional 27 shares during the period. Kilter Group LLC acquired a new stake in shares of Elevance Health during the second quarter worth $28,000. Kemnay Advisory Services Inc. purchased a new position in Elevance Health in the 4th quarter worth about $31,000. J.Safra Asset Management Corp acquired a new stake in Elevance Health during the 4th quarter worth about $32,000. Finally, Main Street Group LTD acquired a new stake in shares of Elevance Health in the first quarter worth $39,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Up 0.5%

Shares of Elevance Health stock opened at $402.62 on Tuesday. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The stock has a 50 day moving average price of $394.79 and a two-hundred day moving average price of $360.49. The stock has a market capitalization of $87.32 billion, a P/E ratio of 17.89, a PEG ratio of 2.29 and a beta of 0.68.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. During the same period in the previous year, the company earned $8.84 earnings per share. Elevance Health’s revenue for the quarter was up .8% on a year-over-year basis. Equities analysts expect that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s payout ratio is presently 30.58%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. The Goldman Sachs Group reiterated a “neutral” rating and issued a $395.00 price objective on shares of Elevance Health in a research note on Thursday, July 16th. Sanford C. Bernstein set a $488.00 price objective on Elevance Health in a report on Thursday, July 16th. JPMorgan Chase & Co. raised their price target on Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. Wells Fargo & Company lowered their price target on Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a research note on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a research report on Thursday, August 13th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Insiders Place Their Bets

In other Elevance Health 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 sale, the director owned 10,734 shares of the company’s stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.34% of the stock is currently owned by insiders.

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.