Te Ahumairangi Investment Management Ltd Buys New Stake in Elevance Health, Inc. $ELV

Te Ahumairangi Investment Management Ltd 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 Securities & Exchange Commission. The institutional investor purchased 10,617 shares of the company’s stock, valued at approximately $4,106,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ELV. WealthCollab LLC raised its position in shares of Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after buying an additional 27 shares in the last quarter. Signet Financial Management LLC grew its position in Elevance Health by 3.5% in the first quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock worth $245,000 after acquiring an additional 28 shares in the last quarter. Sapient Capital LLC increased its stake in Elevance Health by 1.2% during the first quarter. Sapient Capital LLC now owns 2,612 shares of the company’s stock worth $765,000 after acquiring an additional 31 shares during the last quarter. Mutual Advisors LLC raised its position in Elevance Health by 1.4% during the fourth quarter. Mutual Advisors LLC now owns 2,290 shares of the company’s stock valued at $803,000 after purchasing an additional 32 shares during the period. Finally, Waddell & Associates LLC raised its position in Elevance Health by 2.6% during the fourth quarter. Waddell & Associates LLC now owns 1,241 shares of the company’s stock valued at $435,000 after purchasing an additional 32 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on ELV. Cantor Fitzgerald boosted their target price on Elevance Health from $400.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Barclays reduced their target price on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. Bank of America increased their price objective on shares of Elevance Health from $435.00 to $460.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Leerink Partners raised their price objective on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Finally, Raymond James Financial set a $450.00 price target on Elevance Health in a research note on Tuesday, July 7th. Fifteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Price Performance

ELV opened at $400.66 on Monday. The company has a market capitalization of $86.89 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.29 and a beta of 0.68. 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, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The business’s fifty day simple moving average is $394.76 and its 200-day simple moving average is $360.04.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results 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 net margin of 2.47% and a return on equity of 14.64%. The business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the previous year, the business posted $8.84 EPS. The company’s quarterly revenue was up .8% compared to the same quarter last year. On average, equities research analysts anticipate that Elevance Health, Inc. will post 27.18 earnings per share 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 is Thursday, September 10th. Elevance Health’s payout ratio is 30.58%.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction that occurred 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 sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.34% of the company’s stock.

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.