Lakewood Capital Management LP Purchases New Position in Elevance Health, Inc. $ELV

Lakewood Capital Management LP purchased a new stake in Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 59,350 shares of the company’s stock, valued at approximately $22,952,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. WealthCollab LLC grew its holdings in shares of Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after purchasing an additional 27 shares during the last quarter. Signet Financial Management LLC lifted its holdings in Elevance Health by 3.5% during the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock valued at $245,000 after purchasing an additional 28 shares during the last quarter. Sapient Capital LLC boosted its position in Elevance Health by 1.2% in the first quarter. Sapient Capital LLC now owns 2,612 shares of the company’s stock valued at $765,000 after buying an additional 31 shares in the last quarter. Mutual Advisors LLC boosted its position in Elevance Health by 1.4% in the fourth quarter. Mutual Advisors LLC now owns 2,290 shares of the company’s stock valued at $803,000 after buying an additional 32 shares in the last quarter. Finally, Waddell & Associates LLC grew its stake in Elevance Health by 2.6% during the fourth quarter. Waddell & Associates LLC now owns 1,241 shares of the company’s stock worth $435,000 after buying an additional 32 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Trading Up 0.5%

Shares of NYSE ELV opened at $402.62 on Tuesday. The company’s 50 day simple moving average is $394.79 and its 200 day simple moving average is $360.49. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. 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 capitalization of $87.32 billion, a P/E ratio of 17.89, a P/E/G ratio of 2.29 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 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 analysts’ expectations of $48.88 billion. During the same quarter in the previous year, the company posted $8.84 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. On average, analysts predict that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared 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%.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health 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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Raymond James Financial set a $450.00 target price on shares of Elevance Health in a research note on Tuesday, July 7th. Cantor Fitzgerald lifted their price objective on Elevance Health from $400.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group reissued a “neutral” rating and issued a $395.00 price objective on shares of Elevance Health in a research note on Thursday, July 16th. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Robert W. Baird raised their target price on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Fifteen research 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 stock has an average rating of “Moderate Buy” and an average target price of $440.90.

About Elevance Health

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.