Equitable Holdings Inc. Buys Shares of 1,548 Elevance Health, Inc. $ELV

Equitable Holdings Inc. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,548 shares of the company’s stock, valued at approximately $599,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ELV. WealthCollab LLC raised its stake in shares of Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after acquiring an additional 27 shares during the period. Kilter Group LLC acquired a new position in shares of Elevance Health in the 2nd quarter worth approximately $28,000. Kemnay Advisory Services Inc. purchased a new position in shares of Elevance Health during the 4th quarter worth approximately $31,000. J.Safra Asset Management Corp purchased a new position in shares of Elevance Health during the 4th quarter worth approximately $32,000. Finally, Main Street Group LTD acquired a new stake in Elevance Health in the 1st quarter valued at approximately $39,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. UBS Group boosted their target price on Elevance Health from $400.00 to $460.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. Raymond James Financial set a $450.00 price objective on Elevance Health in a research note on Tuesday, July 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. JPMorgan Chase & Co. increased their target price on Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. Finally, Guggenheim boosted their price target on shares of Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $440.90.

Elevance Health Stock Down 1.0%

Elevance Health stock opened at $395.28 on Friday. The firm has a market capitalization of $85.72 billion, a P/E ratio of 17.57, a P/E/G ratio of 2.26 and a beta of 0.68. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24. The stock’s fifty day simple moving average is $395.36 and its 200-day simple moving average is $362.06.

Elevance Health (NYSE:ELV) last released its earnings results 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. The firm had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.Elevance Health’s revenue was up .8% compared to the same quarter last year. During the same period last year, the business posted $8.84 earnings per share. As a group, equities analysts expect that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be paid a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio is presently 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.