Diamond Hill Capital Management LLC Investment Advisor Makes New $96.58 Million Investment in Elevance Health, Inc. $ELV

Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 249,722 shares of the company’s stock, valued at approximately $96,575,000. Diamond Hill Capital Management LLC Investment Advisor owned approximately 0.12% of Elevance Health as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in ELV. Wellington Management Group LLP raised its holdings in Elevance Health by 25.2% during the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock worth $2,906,051,000 after purchasing an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock valued at $2,610,261,000 after buying an additional 1,607,274 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Elevance Health by 10.0% in the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company’s stock valued at $1,764,231,000 after buying an additional 455,946 shares in the last quarter. First Eagle Investment Management LLC grew its position in shares of Elevance Health by 0.6% in the 4th quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company’s stock valued at $1,410,219,000 after buying an additional 24,271 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Elevance Health by 50.3% in the 4th quarter. Invesco Ltd. now owns 3,903,878 shares of the company’s stock valued at $1,368,505,000 after buying an additional 1,306,390 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ELV shares. Jefferies Financial Group reduced their price target on shares of Elevance Health from $395.00 to $391.00 and set a “buy” rating for the company in a research report on Monday, April 20th. UBS Group raised their price objective on Elevance Health from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. Mizuho lifted their target price on Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Truist Financial boosted their target price on Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Wall Street Zen downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health Stock Up 0.1%

ELV stock opened at $400.63 on Monday. The company has a market cap of $86.88 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 2.30 and a beta of 0.68. The company has a fifty day moving average price of $396.05 and a 200 day moving average price of $358.01. 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 12 month low of $274.84 and a 12 month high of $436.24.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data 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. The company 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%. Elevance Health’s revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the firm posted $8.84 EPS. 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 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. 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 (DPR) is currently 30.58%.

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.