Palmer Knight Co Makes New $8.57 Million Investment in Elevance Health, Inc. $ELV

Palmer Knight Co purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, HoldingsChannel reports. The firm purchased 22,163 shares of the company’s stock, valued at approximately $8,571,000. Elevance Health makes up 3.3% of Palmer Knight Co’s portfolio, making the stock its 11th largest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Elevance Health in the second quarter worth about $7,344,424,000. Wellington Management Group LLP boosted its holdings in 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 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 worth $2,610,261,000 after acquiring an additional 1,607,274 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Elevance Health by 10.0% during the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company’s stock worth $1,764,231,000 after acquiring an additional 455,946 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its stake in 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 worth $1,410,219,000 after purchasing an additional 24,271 shares during the period. 89.24% of the stock is owned by institutional investors.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s 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 directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.34% of the company’s stock.

Elevance Health Trading Up 2.3%

ELV opened at $399.35 on Wednesday. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The business has a 50 day simple moving average of $394.99 and a two-hundred day simple moving average of $358.90. The firm has a market capitalization of $86.61 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.30 and a beta of 0.68.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The firm 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 period last year, the company earned $8.84 EPS. Analysts predict that Elevance Health, Inc. will post 27.07 EPS for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is presently 30.58%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Royal Bank Of Canada lowered their price objective on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft raised shares of Elevance Health from a “hold” rating to a “buy” rating and lifted their target price for the stock from $363.00 to $498.00 in a research note on Wednesday, May 20th. Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Evercore reissued a “hold” rating on shares of Elevance Health in a research report on Tuesday, May 19th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $395.00 price target on shares of Elevance Health in a report on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

About Elevance Health

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.