Corient Private Wealth LP Invests $28.20 Million in Elevance Health, Inc. $ELV

Corient Private Wealth LP acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the second quarter, Holdings Channel reports. The institutional investor acquired 72,921 shares of the company’s stock, valued at approximately $28,201,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Permanens Capital L.P. grew its position in shares of Elevance Health by 5.6% during the 2nd quarter. Permanens Capital L.P. now owns 1,562 shares of the company’s stock worth $604,000 after buying an additional 83 shares during the period. Bamco Inc. NY bought a new position in Elevance Health during the 2nd quarter worth approximately $1,934,000. Summit Street Capital Management LLC acquired a new position in Elevance Health during the second quarter valued at approximately $27,860,000. Freestone Grove Partners LP bought a new stake in Elevance Health in the second quarter valued at approximately $72,097,000. Finally, Caisse de depot et placement du Quebec bought a new stake in Elevance Health in the second quarter valued at approximately $94,419,000. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This trade 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 can be accessed through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Bank of America lifted their price target on shares of Elevance Health from $435.00 to $460.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft raised Elevance Health from a “hold” rating to a “buy” rating and raised their price objective for the stock from $363.00 to $498.00 in a research note on Wednesday, May 20th. JPMorgan Chase & Co. boosted their target price on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research note on Monday, June 8th. Raymond James Financial set a $450.00 price objective on Elevance Health in a report on Tuesday, July 7th. Finally, Leerink Partners increased 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. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Stock Performance

Shares of ELV stock opened at $399.17 on Friday. The company has a fifty day moving average price of $395.23 and a two-hundred day moving average price of $361.82. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24. The stock has a market cap of $86.57 billion, a P/E ratio of 17.74, a P/E/G ratio of 2.30 and a beta of 0.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52.

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

Elevance Health Dividend Announcement

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 dividend of $1.72 per share. 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 currently 30.58%.

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.