Freestone Grove Partners LP Makes New $72.10 Million Investment in Elevance Health, Inc. $ELV

Freestone Grove Partners LP bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 186,427 shares of the company’s stock, valued at approximately $72,097,000.

Other large investors have also recently made changes to their positions in the company. Kilter Group LLC bought a new position in Elevance Health in the 2nd quarter worth about $28,000. Kemnay Advisory Services Inc. purchased a new position in shares of Elevance Health during the fourth quarter worth approximately $31,000. J.Safra Asset Management Corp bought a new stake in shares of Elevance Health during the fourth quarter valued at approximately $32,000. WealthCollab LLC raised 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 acquiring an additional 27 shares in the last quarter. Finally, Elevation Wealth Partners LLC boosted its holdings in shares of Elevance Health by 600.0% in the second quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after purchasing an additional 90 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health 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 transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The transaction 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.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ELV shares. Cantor Fitzgerald raised their price objective on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $395.00 target price on shares of Elevance Health in a report on Thursday, July 16th. 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. Barclays decreased their price objective on Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. Finally, Guggenheim upped their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $402.62 on Thursday. The firm has a 50 day moving average of $395.02 and a 200 day moving average of $361.40. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $87.32 billion, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 2.28 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 earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter last year, the firm earned $8.84 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. On average, sell-side analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be given a dividend of $1.72 per share. 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 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.