Orbimed Advisors LLC Buys 15,600 Shares of Elevance Health, Inc. $ELV

Orbimed Advisors LLC raised its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 15.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 114,700 shares of the company’s stock after buying an additional 15,600 shares during the quarter. Orbimed Advisors LLC owned about 0.05% of Elevance Health worth $33,578,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ELV. Sei Investments Co. lifted its stake in Elevance Health by 7.7% in the 2nd quarter. Sei Investments Co. now owns 163,668 shares of the company’s stock worth $63,666,000 after purchasing an additional 11,745 shares in the last quarter. Glenview Trust co grew its position in shares of Elevance Health by 41.5% during the 2nd quarter. Glenview Trust co now owns 1,619 shares of the company’s stock valued at $630,000 after purchasing an additional 475 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Elevance Health by 6.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company’s stock worth $25,650,000 after purchasing an additional 4,272 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Elevance Health by 5.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company’s stock worth $16,478,000 after purchasing an additional 2,012 shares during the period. Finally, Quantinno Capital Management LP raised its position in shares of Elevance Health by 111.8% in the second quarter. Quantinno Capital Management LP now owns 43,911 shares of the company’s stock worth $17,080,000 after buying an additional 23,180 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ELV. Wall Street Zen lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Raymond James Financial set a $450.00 target price on Elevance Health in a research note on Tuesday, July 7th. Morgan Stanley raised their price target on Elevance Health from $352.00 to $404.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Truist Financial lifted their price target on Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Guggenheim boosted their price objective on Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $440.90.

Insider Activity at Elevance Health

In other Elevance Health 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 transaction 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. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.34% of the company’s stock.

Elevance Health Stock Down 0.1%

ELV opened at $377.39 on Monday. The stock has a market cap of $81.84 billion, a PE ratio of 16.77, a P/E/G ratio of 2.17 and a beta of 0.67. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $436.24. The business’s fifty day simple moving average is $398.69 and its 200 day simple moving average is $356.47.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion during 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 company’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $8.84 earnings per share. As a group, research analysts expect that Elevance Health, Inc. will post 27.04 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared 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 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 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.