Stoneridge Investment Partners LLC Acquires New Shares in Elevance Health, Inc. $ELV

Stoneridge Investment Partners LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,581 shares of the company’s stock, valued at approximately $970,000.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in Elevance Health during the fourth quarter valued at approximately $1,058,165,000. Wellington Management Group LLP grew its position in shares of Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after acquiring an additional 1,668,679 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Elevance Health by 27.5% during 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 acquiring an additional 1,607,274 shares during the period. Amundi increased its stake in shares of Elevance Health by 145.7% in the 1st quarter. Amundi now owns 2,693,664 shares of the company’s stock worth $788,570,000 after purchasing an additional 1,597,497 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Elevance Health by 50.3% in the 4th quarter. Invesco Ltd. now owns 3,903,878 shares of the company’s stock worth $1,368,505,000 after purchasing an additional 1,306,390 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on ELV. JPMorgan Chase & Co. lifted their target price on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. Citigroup upgraded Elevance Health to a “buy” rating in a research report on Wednesday, April 29th. Wells Fargo & Company lowered their price objective on Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a research report on Thursday, July 16th. Royal Bank Of Canada cut their price objective on 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. Finally, Raymond James Financial set a $450.00 target price on shares of Elevance Health in a report on Tuesday, July 7th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Trading Up 0.6%

Shares of ELV stock opened at $400.63 on Friday. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-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 firm has a market capitalization of $86.88 billion, a PE ratio of 17.81, a PEG ratio of 2.30 and a beta of 0.68. The stock has a fifty day simple moving average of $396.05 and a two-hundred day simple moving average of $358.15.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm earned $8.84 earnings per share. On average, analysts predict that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be paid a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is 30.58%.

Insider Buying and Selling

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction that occurred on 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 directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.34% of the company’s stock.

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.