Graves Light Lenhart Wealth Inc. Acquires 3,603 Shares of Elevance Health, Inc. $ELV

Graves Light Lenhart Wealth Inc. lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 124.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,505 shares of the company’s stock after acquiring an additional 3,603 shares during the quarter. Graves Light Lenhart Wealth Inc.’s holdings in Elevance Health were worth $2,516,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. M&T Bank Corp increased its stake in shares of Elevance Health by 160.4% during the 4th quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock worth $17,698,000 after purchasing an additional 31,101 shares during the last quarter. Solidarity Wealth LLC bought a new position in shares of Elevance Health during the 4th quarter worth $1,433,000. Manning & Napier Advisors LLC increased its holdings in Elevance Health by 1,423.1% in the 4th quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock worth $129,152,000 after acquiring an additional 344,237 shares during the last quarter. Assetmark Inc. raised its stake in Elevance Health by 21.8% in the 4th quarter. Assetmark Inc. now owns 105,688 shares of the company’s stock valued at $37,049,000 after acquiring an additional 18,913 shares during the period. Finally, Mawer Investment Management Ltd. raised its stake in Elevance Health by 10.9% in the 4th quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company’s stock valued at $72,597,000 after acquiring an additional 20,438 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ELV shares. The Goldman Sachs Group reiterated a “neutral” rating and set a $395.00 target price on shares of Elevance Health in a research report on Thursday, July 16th. Sanford C. Bernstein set a $488.00 price target on shares of Elevance Health in a research report on Thursday, July 16th. Evercore restated a “hold” rating on shares of Elevance Health in a research note on Tuesday, May 19th. Deutsche Bank Aktiengesellschaft raised shares of 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 report on Wednesday, May 20th. Finally, Truist Financial lifted their price objective on shares of Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $440.90.

Elevance Health Stock Up 3.6%

Shares of NYSE ELV opened at $391.52 on Thursday. 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 company has a market cap of $84.91 billion, a P/E ratio of 17.40, a P/E/G ratio of 2.17 and a beta of 0.68. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $436.24. The business has a 50-day simple moving average of $396.58 and a two-hundred day simple moving average of $356.87.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $48.88 billion. During the same period in the prior year, the business posted $8.84 earnings per share. The company’s revenue was up .8% on a year-over-year basis. Research analysts anticipate that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.8%. Elevance Health’s payout ratio is currently 30.58%.

Insiders Place Their Bets

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the company’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 sale, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.34% of the company’s stock.

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.