Pzena Investment Management LLC Acquires Shares of 224,575 Elevance Health, Inc. $ELV

Pzena Investment Management LLC acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 224,575 shares of the company’s stock, valued at approximately $86,850,000. Pzena Investment Management LLC owned approximately 0.10% of Elevance Health as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of ELV. BlackRock Inc. purchased a new position in shares of Elevance Health during the second quarter valued at approximately $7,344,424,000. Bank of New York Mellon Corp bought a new stake in shares of Elevance Health during the second quarter valued at approximately $1,246,349,000. Norges Bank purchased a new position in Elevance Health in the 4th quarter worth approximately $1,058,165,000. Wellington Management Group LLP increased its holdings in Elevance Health by 25.2% in the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock worth $2,906,051,000 after buying an additional 1,668,679 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in 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 worth $2,610,261,000 after buying an additional 1,607,274 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s 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 completion of the sale, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.34% of the company’s stock.

Elevance Health Trading Down 2.4%

Shares of NYSE ELV opened at $390.69 on Tuesday. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The company has a market cap of $84.73 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 2.30 and a beta of 0.68. The business’s 50 day moving average price is $395.48 and its 200-day moving average price is $358.49.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data 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 return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter in the prior year, the company posted $8.84 EPS. Elevance Health’s quarterly revenue was up .8% on a year-over-year basis. On average, sell-side analysts expect that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders 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 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio is presently 30.58%.

Analyst Ratings Changes

ELV has been the topic of several research reports. Evercore reissued a “hold” rating on shares of Elevance Health in a research report on Tuesday, May 19th. Wells Fargo & Company decreased their price objective on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a research report on Thursday, July 16th. Raymond James Financial set a $450.00 target price on Elevance Health in a research note on Tuesday, July 7th. Truist Financial lifted their price target on shares of Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Mizuho raised their price target on Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $440.90.

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.