Park Avenue Securities LLC Purchases 1,503 Shares of Elevance Health, Inc. $ELV

Park Avenue Securities LLC boosted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 17.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,211 shares of the company’s stock after acquiring an additional 1,503 shares during the quarter. Park Avenue Securities LLC’s holdings in Elevance Health were worth $3,299,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ELV. Norges Bank acquired a new position in shares of Elevance Health during the 2nd quarter worth about $1,148,379,000. Sanders Capital LLC grew its holdings in Elevance Health by 24.7% during the second quarter. Sanders Capital LLC now owns 5,825,208 shares of the company’s stock worth $2,265,773,000 after purchasing an additional 1,152,440 shares during the period. Beutel Goodman & Co Ltd. acquired a new position in Elevance Health during the second quarter worth approximately $293,141,000. Vanguard Group Inc. raised its stake in Elevance Health by 3.2% in the second quarter. Vanguard Group Inc. now owns 22,856,898 shares of the company’s stock valued at $8,890,419,000 after buying an additional 704,790 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in Elevance Health by 30.7% in the second quarter. The Manufacturers Life Insurance Company now owns 2,076,668 shares of the company’s stock valued at $807,741,000 after buying an additional 487,579 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Trading Down 0.5%

ELV stock opened at $372.80 on Friday. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $458.75. The company has a market capitalization of $82.85 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 1.93 and a beta of 0.51. The company’s 50-day simple moving average is $338.20 and its 200 day simple moving average is $328.63. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.03 by $1.00. The business had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. During the same quarter in the previous year, the company earned $8.37 EPS. The business’s revenue was up 12.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, December 5th. Elevance Health’s payout ratio is 27.96%.

Analysts Set New Price Targets

ELV has been the subject of several research analyst reports. Bank of America lifted their target price on Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a research note on Friday, October 10th. Cowen reiterated a “buy” rating on shares of Elevance Health in a report on Wednesday, November 26th. Wolfe Research set a $425.00 price objective on shares of Elevance Health and gave the company an “outperform” rating in a research report on Thursday. TD Cowen lifted their target price on shares of Elevance Health from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, November 26th. Finally, Robert W. Baird increased their price target on shares of Elevance Health from $297.00 to $340.00 and gave the company a “neutral” rating in a report on Thursday, December 11th. Thirteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Elevance Health presently has a consensus rating of “Hold” and an average target price of $400.85.

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.