GAMMA Investing LLC Raises Stake in Elevance Health, Inc. $ELV

GAMMA Investing LLC increased its stake in Elevance Health, Inc. (NYSE:ELV) by 60.5% in the second quarter, HoldingsChannel.com reports. The firm owned 4,796 shares of the company’s stock after acquiring an additional 1,808 shares during the quarter. GAMMA Investing LLC’s holdings in Elevance Health were worth $1,855,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. WealthCollab LLC increased its holdings in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after buying an additional 27 shares in the last quarter. Signet Financial Management LLC boosted its stake in shares of Elevance Health by 3.5% during the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock worth $245,000 after acquiring an additional 28 shares in the last quarter. Perigon Wealth Management LLC boosted its stake in shares of Elevance Health by 2.2% during the 4th quarter. Perigon Wealth Management LLC now owns 1,371 shares of the company’s stock worth $481,000 after acquiring an additional 29 shares in the last quarter. Savvy Advisors Inc. grew its holdings in shares of Elevance Health by 3.2% in the 4th quarter. Savvy Advisors Inc. now owns 979 shares of the company’s stock worth $343,000 after acquiring an additional 30 shares during the period. Finally, Sapient Capital LLC grew its holdings in shares of Elevance Health by 1.2% in the 1st quarter. Sapient Capital LLC now owns 2,612 shares of the company’s stock worth $765,000 after acquiring an additional 31 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Leerink Partners lifted their price objective on Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. Royal Bank Of Canada dropped their price target on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a research report on Thursday, July 16th. Evercore reaffirmed a “hold” rating on shares of Elevance Health in a research note on Tuesday, May 19th. Weiss Ratings upgraded shares of Elevance Health from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Elevance Health from a “hold” rating to a “buy” rating and increased their price objective for the company from $363.00 to $498.00 in a research note on Wednesday, May 20th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Stock Performance

Elevance Health stock opened at $390.89 on Friday. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The company has a market capitalization of $84.77 billion, a price-to-earnings ratio of 17.37, a PEG ratio of 2.25 and a beta of 0.68. The stock has a fifty day moving average of $396.55 and a two-hundred day moving average of $356.98. 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 (NYSE:ELV) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the company earned $8.84 earnings per share. On average, analysts anticipate that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is currently 30.58%.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares of the company’s stock, 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 filing with the SEC, which is available at the SEC website. 0.34% of the stock is currently owned by company 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.