Vega Investment Solutions Acquires New Holdings in Elevance Health, Inc. $ELV

Vega Investment Solutions bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,531 shares of the company’s stock, valued at approximately $592,000.

A number of other institutional investors have also recently added to or reduced their stakes in ELV. Sei Investments Co. raised its stake in shares of Elevance Health by 7.7% during the second quarter. Sei Investments Co. now owns 163,668 shares of the company’s stock valued at $63,666,000 after acquiring an additional 11,745 shares during the last quarter. Glenview Trust co lifted its holdings in shares of Elevance Health by 41.5% during the second quarter. Glenview Trust co now owns 1,619 shares of the company’s stock worth $630,000 after purchasing an additional 475 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 last quarter. Finally, Quantinno Capital Management LP increased its holdings in Elevance Health by 111.8% in the second quarter. Quantinno Capital Management LP now owns 43,911 shares of the company’s stock valued at $17,080,000 after purchasing an additional 23,180 shares during the period. 89.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on ELV. UBS Group raised their target price on Elevance Health from $400.00 to $460.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Wells Fargo & Company reduced 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. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a research note on Thursday, July 16th. Evercore restated a “hold” rating on shares of Elevance Health in a research report on Tuesday, May 19th. Finally, Cantor Fitzgerald lifted their price objective on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $440.90.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by insiders.

Elevance Health Price Performance

Shares of NYSE ELV opened at $402.62 on Tuesday. The company has a market capitalization of $87.32 billion, a PE ratio of 17.89, a P/E/G ratio of 2.29 and a beta of 0.68. 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 twelve month low of $274.84 and a twelve month high of $436.24. The firm has a fifty day simple moving average of $394.79 and a 200 day simple moving average of $360.49.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating 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 business had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter in the prior year, the firm posted $8.84 earnings per share. The business’s quarterly revenue was up .8% compared to the same quarter last year. On average, sell-side analysts forecast that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is currently 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.