Northwestern Mutual Wealth Management Co. Invests $62.40 Million in Elevance Health, Inc. $ELV

Northwestern Mutual Wealth Management Co. acquired a new position in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 161,362 shares of the company’s stock, valued at approximately $62,404,000. Northwestern Mutual Wealth Management Co. owned 0.07% of Elevance Health at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Kilter Group LLC bought a new position in Elevance Health in the second quarter valued at about $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Elevance Health during the 4th quarter valued at about $31,000. J.Safra Asset Management Corp bought a new stake in shares of Elevance Health during the 4th quarter valued at about $32,000. WealthCollab LLC increased its position in shares of Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after purchasing an additional 27 shares during the last quarter. Finally, Elevation Wealth Partners LLC increased its position in shares of Elevance Health by 600.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after purchasing an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction 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 directly owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.34% of the stock is owned by insiders.

Elevance Health Trading Up 1.1%

Shares of NYSE:ELV opened at $400.66 on Friday. The stock has a 50 day moving average of $394.76 and a 200 day moving average of $359.92. The company has a market cap of $86.89 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 2.30 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 12-month low of $274.84 and a 12-month high of $436.24.

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, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same period in the prior year, the firm posted $8.84 EPS. The firm’s quarterly revenue was up .8% compared to the same quarter last year. As a group, equities research analysts expect that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio is 30.58%.

Analysts Set New Price Targets

A number of research firms recently issued reports on ELV. Morgan Stanley raised their price objective on shares of Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Raymond James Financial set a $450.00 price target on shares of Elevance Health in a research report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft raised shares of Elevance Health from a “hold” rating to a “buy” rating and boosted their price objective for the company from $363.00 to $498.00 in a research report on Wednesday, May 20th. Finally, Royal Bank Of Canada reduced their price objective on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a research note on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average target price of $440.90.

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.