Formuepleje A S Boosts Stake in Elevance Health, Inc. $ELV

Formuepleje A S lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 15.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 23,786 shares of the company’s stock after purchasing an additional 3,263 shares during the quarter. Elevance Health accounts for approximately 0.7% of Formuepleje A S’s investment portfolio, making the stock its 24th biggest holding. Formuepleje A S’s holdings in Elevance Health were worth $9,199,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Elevance Health during the 2nd quarter worth about $32,779,000. First Eagle Investment Management LLC increased its holdings in shares of Elevance Health by 1.4% in the second quarter. First Eagle Investment Management LLC now owns 4,188,196 shares of the company’s stock valued at $1,619,701,000 after purchasing an additional 55,905 shares during the period. Vancity Investment Management Ltd increased its holdings in shares of Elevance Health by 7.3% in the second quarter. Vancity Investment Management Ltd now owns 39,394 shares of the company’s stock valued at $15,235,000 after purchasing an additional 2,679 shares during the period. California State Teachers Retirement System raised its stake in shares of Elevance Health by 37,390.0% in the second quarter. California State Teachers Retirement System now owns 124,019,670 shares of the company’s stock worth $47,962,127,000 after purchasing an additional 123,688,863 shares during the last quarter. Finally, Ameritas Advisory Services LLC lifted its holdings in shares of Elevance Health by 35.1% during the second quarter. Ameritas Advisory Services LLC now owns 1,678 shares of the company’s stock worth $649,000 after purchasing an additional 436 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ELV. Wells Fargo & Company cut their price target on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a report on Thursday, July 16th. Royal Bank Of Canada decreased their price objective on shares of 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. Robert W. Baird upped their price objective on shares of Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. TD Cowen raised their target price on shares of Elevance Health from $400.00 to $465.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Finally, Cantor Fitzgerald boosted their target price on shares of Elevance Health from $400.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Insiders Place Their Bets

In other Elevance Health news, Director Robert Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.34% of the company’s stock.

Elevance Health Stock Down 0.1%

Shares of ELV stock opened at $407.05 on Monday. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24. The stock has a market cap of $88.28 billion, a P/E ratio of 18.09, a P/E/G ratio of 2.12 and a beta of 0.69. The stock has a 50 day moving average of $396.72 and a 200 day moving average of $364.70. 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 (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.84 EPS. As a group, sell-side analysts expect that Elevance Health, Inc. will post 27.18 EPS 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 given 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 (DPR) is currently 30.58%.

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.