Varma Mutual Pension Insurance Co Makes New Investment in Elevance Health, Inc. $ELV

Varma Mutual Pension Insurance Co purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 42,582 shares of the company’s stock, valued at approximately $16,468,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. WealthCollab LLC increased its stake in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after acquiring an additional 27 shares during the last quarter. Kilter Group LLC purchased a new stake in Elevance Health in the 2nd quarter worth $28,000. Kemnay Advisory Services Inc. purchased a new stake in Elevance Health during the fourth quarter valued at approximately $31,000. J.Safra Asset Management Corp purchased a new stake in Elevance Health in the fourth quarter worth $32,000. Finally, Main Street Group LTD purchased a new position in Elevance Health during the 1st quarter valued at about $39,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s 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 transaction, the director owned 10,734 shares of the company’s stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.34% of the company’s stock.

Elevance Health Stock Performance

NYSE:ELV opened at $400.66 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. Elevance Health, Inc. has a 1-year low of $274.84 and a 1-year high of $436.24. The business has a 50 day moving average of $394.76 and a 200 day moving average of $359.92. The company has a market capitalization of $86.89 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.30 and a beta of 0.68.

Elevance Health (NYSE:ELV) last announced its quarterly 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 business had revenue of $49.83 billion for 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 quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.84 EPS. On average, sell-side analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid 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 is Thursday, September 10th. Elevance Health’s dividend payout ratio is 30.58%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ELV shares. Evercore reiterated a “hold” rating on shares of Elevance Health in a research note on Tuesday, May 19th. Citigroup upgraded shares of Elevance Health to a “buy” rating in a research report on Wednesday, April 29th. Morgan Stanley boosted their price objective on Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 4th. Sanford C. Bernstein set a $488.00 target price on Elevance Health in a research note on Thursday, July 16th. Finally, UBS Group lifted their target price on shares of Elevance Health from $400.00 to $460.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Fifteen investment 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $440.90.

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.