HighTower Advisors LLC Reduces Stock Holdings in Elevance Health, Inc. $ELV

HighTower Advisors LLC reduced its position in Elevance Health, Inc. (NYSE:ELV) by 6.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,278 shares of the company’s stock after selling 2,325 shares during the quarter. HighTower Advisors LLC’s holdings in Elevance Health were worth $12,483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Sei Investments Co. boosted its holdings in Elevance Health by 7.7% in the 2nd quarter. Sei Investments Co. now owns 163,668 shares of the company’s stock worth $63,666,000 after buying an additional 11,745 shares during the period. Glenview Trust co increased its stake 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 acquiring an additional 475 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Elevance Health by 6.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company’s stock valued at $25,650,000 after purchasing an additional 4,272 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 holdings in shares of 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 during the last quarter. Institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ELV. Evercore restated a “hold” rating on shares of Elevance Health in a research report on Tuesday, May 19th. Truist Financial boosted their target price on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Leerink Partners upped their target price on Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. increased their price target on shares of Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. 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 equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Price Performance

ELV opened at $397.54 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The stock’s 50 day simple moving average is $397.05 and its 200 day simple moving average is $365.88. The firm has a market cap of $86.21 billion, a price-to-earnings ratio of 17.67, a PEG ratio of 2.09 and a beta of 0.69. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating 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 firm had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter in the previous year, the company posted $8.84 earnings per share. The business’s revenue was up .8% on a year-over-year basis. As a group, analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Announces Dividend

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 $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is 30.58%.

Elevance Health Profile

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.