Freestone Grove Partners LP Acquires Shares of 186,427 Elevance Health, Inc. $ELV

Freestone Grove Partners LP acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 186,427 shares of the company’s stock, valued at approximately $72,097,000. Freestone Grove Partners LP owned approximately 0.09% of Elevance Health as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ELV. BlackRock Inc. bought a new position in Elevance Health during the second quarter valued at approximately $7,344,424,000. Bank of New York Mellon Corp purchased a new position in Elevance Health during the 2nd quarter valued at approximately $1,246,349,000. Norges Bank bought a new stake in Elevance Health in the 4th quarter worth approximately $1,058,165,000. Legal & General Group Plc purchased a new stake in shares of Elevance Health during the 2nd quarter worth approximately $688,469,000. Finally, Wellington Management Group LLP raised its holdings in shares of Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock worth $2,906,051,000 after acquiring an additional 1,668,679 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Up 0.9%

NYSE ELV opened at $402.62 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. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The firm has a market capitalization of $87.32 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 2.28 and a beta of 0.68. The company has a fifty day moving average of $395.02 and a two-hundred day moving average of $361.40.

Elevance Health (NYSE:ELV) last announced its 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. The business had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.84 earnings per share. On average, analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio is presently 30.58%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ELV. Guggenheim raised their target price on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Raymond James Financial set a $450.00 price objective on shares of Elevance Health in a research report on Tuesday, July 7th. Sanford C. Bernstein set a $488.00 price objective on shares of Elevance Health in a research note on Thursday, July 16th. Leerink Partners boosted their target price on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. Finally, Morgan Stanley upped their target price on shares of Elevance Health from $352.00 to $404.00 and gave the company an “equal weight” rating in a research report on Thursday, June 4th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health 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.