NorthCrest Asset Manangement LLC Acquires 465 Shares of Elevance Health, Inc. $ELV

NorthCrest Asset Manangement LLC boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,319 shares of the company’s stock after buying an additional 465 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Elevance Health were worth $13,349,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Elevance Health by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock valued at $9,635,281,000 after buying an additional 666,534 shares during the last quarter. Orbis Allan Gray Ltd increased its position in Elevance Health by 31.4% during the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock valued at $1,239,276,000 after purchasing an additional 680,228 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Elevance Health by 13.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company’s stock valued at $1,164,041,000 after purchasing an additional 324,040 shares during the period. Invesco Ltd. increased its position in Elevance Health by 1.2% during the 1st quarter. Invesco Ltd. now owns 2,116,289 shares of the company’s stock valued at $920,501,000 after purchasing an additional 24,833 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Elevance Health by 1.5% during the 1st quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company’s stock valued at $845,394,000 after purchasing an additional 29,174 shares during the period. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 0.6%

NYSE ELV opened at $308.19 on Thursday. The stock has a market capitalization of $69.40 billion, a price-to-earnings ratio of 13.11, a PEG ratio of 1.14 and a beta of 0.59. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $544.60. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The business’s fifty day moving average is $304.16 and its 200-day moving average is $368.97.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The business had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter in the previous year, the firm earned $10.12 earnings per share. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. Equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Elevance Health’s payout ratio is currently 29.11%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ELV shares. Robert W. Baird decreased their target price on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a research report on Friday, July 25th. Guggenheim decreased their target price on shares of Elevance Health from $447.00 to $360.00 and set a “buy” rating for the company in a research report on Friday, July 18th. JPMorgan Chase & Co. decreased their target price on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a research report on Tuesday, July 22nd. Argus reaffirmed a “hold” rating on shares of Elevance Health in a research report on Monday, July 21st. Finally, Morgan Stanley reduced their price objective on shares of Elevance Health from $428.00 to $316.00 and set an “overweight” rating for the company in a research report on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $411.06.

Insider Transactions at Elevance Health

In other news, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction on Friday, July 18th. The shares were bought at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company’s stock.

Elevance Health Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.