Principle Wealth Partners LLC Buys Shares of 2,555 Elevance Health, Inc. $ELV

Principle Wealth Partners LLC bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 2,555 shares of the company’s stock, valued at approximately $988,000.

Other hedge funds have also made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Elevance Health in the second quarter worth $205,912,000. Beverly Hills Private Wealth LLC bought a new position in Elevance Health during the 2nd quarter valued at $7,870,000. OneDigital Investment Advisors LLC acquired a new position in Elevance Health during the 2nd quarter worth $3,099,000. Firetrail Investments PTY Ltd. acquired a new position in Elevance Health during the 2nd quarter worth $12,120,000. Finally, Plato Investment Management Ltd bought a new stake in shares of Elevance Health in the 2nd quarter worth about $1,845,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ELV shares. Sanford C. Bernstein set a $488.00 target price on shares of Elevance Health in a research note on Thursday, July 16th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $395.00 price target on shares of Elevance Health in a research note on Thursday, July 16th. Robert W. Baird boosted their price objective on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Citigroup upgraded Elevance Health to a “buy” rating in a research note on Wednesday, April 29th. Finally, Morgan Stanley increased their target price on Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Price Performance

ELV opened at $390.69 on Tuesday. 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’s 50-day moving average price is $395.48 and its 200 day moving average price is $358.49. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The firm has a market cap of $84.73 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 2.30 and a beta of 0.68.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. The company had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.Elevance Health’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the firm posted $8.84 earnings per share. As a group, sell-side analysts expect that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Announces Dividend

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

Insider Buying and Selling

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction on Thursday, June 11th. The stock was 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 trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is currently owned by insiders.

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.