Summit Street Capital Management LLC Invests $27.86 Million in Elevance Health, Inc. $ELV

Summit Street Capital Management LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 72,040 shares of the company’s stock, valued at approximately $27,860,000. Elevance Health accounts for 3.9% of Summit Street Capital Management LLC’s investment portfolio, making the stock its 6th largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of the business. WealthCollab LLC increased its stake in shares of Elevance Health by 42.2% during the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after buying an additional 27 shares during the period. Signet Financial Management LLC boosted its holdings in Elevance Health by 3.5% in the first quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock valued at $245,000 after acquiring an additional 28 shares in the last quarter. Sapient Capital LLC increased its position in Elevance Health by 1.2% during the 1st quarter. Sapient Capital LLC now owns 2,612 shares of the company’s stock valued at $765,000 after purchasing an additional 31 shares during the period. Mutual Advisors LLC increased its position in Elevance Health by 1.4% during the 4th 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 holdings in Elevance Health by 2.6% in the 4th quarter. Waddell & Associates LLC now owns 1,241 shares of the company’s stock worth $435,000 after purchasing an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

ELV has been the topic of several research analyst reports. Sanford C. Bernstein set a $488.00 price target on shares of Elevance Health in a research report on Thursday, July 16th. Robert W. Baird upped their target price on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Truist Financial increased their target price on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. The Goldman Sachs Group restated a “neutral” rating and issued a $395.00 target price on shares of Elevance Health in a research note on Thursday, July 16th. Finally, Wells Fargo & Company dropped their price target on Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a research report 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. According to data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health Stock Up 0.9%

NYSE:ELV opened at $402.62 on Thursday. The firm has a market cap of $87.32 billion, a P/E ratio of 17.89, a P/E/G ratio of 2.28 and a beta of 0.68. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The firm has a 50-day simple moving average of $395.02 and a two-hundred day simple moving average of $361.40. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. The company had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.Elevance Health’s revenue was up .8% compared to the same quarter last year. During the same period last year, the firm posted $8.84 earnings per share. Analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a $1.72 dividend. 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 dividend payout ratio (DPR) is currently 30.58%.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.34% of the stock is currently owned by insiders.

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.