161,362 Shares in Elevance Health, Inc. $ELV Acquired by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. purchased a new position in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 161,362 shares of the company’s stock, valued at approximately $62,404,000.

A number of other institutional investors have also added to or reduced their stakes in ELV. Kilter Group LLC bought a new stake in shares of Elevance Health during the second quarter valued at approximately $28,000. Kemnay Advisory Services Inc. bought a new position in shares of Elevance Health during the fourth quarter worth $31,000. J.Safra Asset Management Corp purchased a new position in Elevance Health during the fourth quarter valued at $32,000. WealthCollab LLC increased its holdings in Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after acquiring an additional 27 shares during the last quarter. Finally, Elevation Wealth Partners LLC increased its holdings in Elevance Health by 600.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after acquiring an additional 90 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ELV has been the subject of several research reports. Citigroup raised shares of Elevance Health to a “buy” rating in a report on Wednesday, April 29th. Bank of America lifted their target price on Elevance Health from $435.00 to $460.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Truist Financial boosted their target price on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Robert W. Baird increased their price target on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Finally, Evercore restated a “hold” rating on shares of Elevance Health in a report on Tuesday, May 19th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Price Performance

ELV stock opened at $400.66 on Friday. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The firm has a market capitalization of $86.89 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 2.30 and a beta of 0.68. The company has a fifty day simple moving average of $394.76 and a two-hundred day simple moving average of $359.92. 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 (NYSE:ELV) last posted its 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. The firm had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm posted $8.84 EPS. Analysts anticipate 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. 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 yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is presently 30.58%.

Insiders Place Their Bets

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 transaction of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.34% of the stock is owned by insiders.

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.