Paralel Advisors LLC Invests $3.05 Million in Elevance Health, Inc. $ELV

Paralel Advisors LLC bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 7,891 shares of the company’s stock, valued at approximately $3,052,000.

A number of other institutional investors also recently bought and sold shares of the stock. Allworth Financial LP acquired a new position in Elevance Health during the 2nd quarter valued at approximately $774,000. B. Metzler seel. Sohn & Co. AG acquired a new stake in shares of Elevance Health during the second quarter worth $12,146,000. TrinityBridge Ltd purchased a new stake in shares of Elevance Health during the second quarter valued at $1,580,000. Silvant Capital Management LLC purchased a new stake in shares of Elevance Health during the second quarter valued at $99,000. Finally, Ceredex Value Advisors LLC acquired a new position in shares of Elevance Health in the 2nd quarter valued at $49,142,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ELV shares. Barclays reduced their target price on Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a research note on Thursday, July 16th. Truist Financial increased their price objective on Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Royal Bank Of Canada decreased their target price on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a report on Thursday, July 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Finally, Mizuho lifted their price objective on shares of Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health Stock Performance

NYSE ELV opened at $397.15 on Friday. The firm has a market capitalization of $86.13 billion, a P/E ratio of 17.65, a PEG ratio of 2.29 and a beta of 0.68. The stock has a 50-day simple moving average of $394.82 and a two-hundred day simple moving average of $359.63. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. 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 issued its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to the consensus estimate 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 prior year, the business earned $8.84 earnings per share. On average, equities analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. 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 presently 30.58%.

Insider Buying and Selling

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the company’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 value of $60,667.27. Following the sale, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.34% of the company’s stock.

Elevance Health Company 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.