Rockland Trust Co. Boosts Stock Position in Elevance Health, Inc. $ELV

Rockland Trust Co. grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 1.9% in the second quarter, Holdings Channel reports. The institutional investor owned 68,467 shares of the company’s stock after purchasing an additional 1,307 shares during the period. Elevance Health makes up 1.0% of Rockland Trust Co.’s holdings, making the stock its 26th biggest holding. Rockland Trust Co.’s holdings in Elevance Health were worth $26,478,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank purchased a new position in shares of Elevance Health in the 4th quarter valued at about $1,058,165,000. Wellington Management Group LLP lifted its stake in Elevance Health by 25.2% during the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock worth $2,906,051,000 after purchasing an additional 1,668,679 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Elevance Health by 27.5% in the fourth 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 purchasing an additional 1,607,274 shares in the last quarter. Amundi increased its stake in Elevance Health by 145.7% in the first quarter. Amundi now owns 2,693,664 shares of the company’s stock valued at $788,570,000 after purchasing an additional 1,597,497 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Elevance Health by 50.3% during the fourth 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 in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a report on Monday, June 8th. Morgan Stanley upped their price objective on shares of Elevance Health from $352.00 to $404.00 and gave the company an “equal weight” rating in a research note on Thursday, June 4th. Citigroup raised Elevance Health to a “buy” rating in a report on Wednesday, April 29th. Evercore reissued a “hold” rating on shares of Elevance Health in a report on Tuesday, May 19th. Finally, Robert W. Baird raised their price target on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Price Performance

Elevance Health stock opened at $394.27 on Friday. The business has a 50 day simple moving average of $396.55 and a 200-day simple moving average of $357.24. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month 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 stock has a market capitalization of $85.51 billion, a PE ratio of 17.52, a price-to-earnings-growth ratio of 2.25 and a beta of 0.68.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate of $6.21 by $1.24. The company had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the business earned $8.84 EPS. Equities analysts predict that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Announces Dividend

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

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.