Beverly Hills Private Wealth LLC Takes Position in Elevance Health, Inc. $ELV

Beverly Hills Private Wealth LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 20,350 shares of the company’s stock, valued at approximately $7,870,000. Elevance Health comprises approximately 1.5% of Beverly Hills Private Wealth LLC’s portfolio, making the stock its 19th biggest position.

Several other hedge funds have also added to or reduced their stakes in the company. OneDigital Investment Advisors LLC acquired a new position in Elevance Health during the 2nd quarter valued at about $3,099,000. Firetrail Investments PTY Ltd. bought a new position in shares of Elevance Health in the 2nd quarter valued at about $12,120,000. Plato Investment Management Ltd acquired a new stake in shares of Elevance Health during the 2nd quarter worth approximately $1,845,000. Bell Investment Advisors Inc bought a new stake in shares of Elevance Health during the second quarter worth approximately $372,000. Finally, AMG National Trust Bank acquired a new position in Elevance Health in the second quarter valued at approximately $4,968,000. Institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Elevance Health Stock Up 0.1%

Shares of NYSE:ELV opened at $400.63 on Monday. The company has a 50 day moving average price of $396.05 and a two-hundred day moving average price of $358.01. 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 company has a market capitalization of $86.88 billion, a PE ratio of 17.81, a PEG ratio of 2.30 and a beta of 0.68. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. During the same period last year, the firm posted $8.84 earnings per share. The business’s quarterly revenue was up .8% compared to the same quarter last year. Analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have commented on ELV shares. JPMorgan Chase & Co. lifted their target price on shares of Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a research note on Thursday, July 16th. Raymond James Financial set a $450.00 price target on Elevance Health in a research report on Tuesday, July 7th. Wells Fargo & Company decreased their price objective on Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a research note on Thursday, July 16th. Finally, Jefferies Financial Group cut their target price on Elevance Health from $395.00 to $391.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Fifteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average 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.