Equitable Holdings Inc. Buys New Stake in Elevance Health, Inc. $ELV

Equitable Holdings Inc. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, Holdings Channel.com reports. The firm purchased 1,548 shares of the company’s stock, valued at approximately $599,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kilter Group LLC purchased a new position in shares of Elevance Health in the 2nd quarter valued at about $28,000. Kemnay Advisory Services Inc. purchased a new stake in Elevance Health during the fourth quarter worth approximately $31,000. J.Safra Asset Management Corp acquired a new position in Elevance Health in the fourth quarter valued at approximately $32,000. WealthCollab LLC boosted 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 purchasing an additional 27 shares in the last quarter. Finally, Elevation Wealth Partners LLC increased its stake in 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 last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ELV. The Goldman Sachs Group reissued a “neutral” rating and set a $395.00 price objective on shares of Elevance Health in a report on Thursday, July 16th. Bank of America upped their target price on shares of Elevance Health from $435.00 to $460.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Evercore reaffirmed a “hold” rating on shares of Elevance Health in a research report on Tuesday, May 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Elevance Health in a research note on Thursday, August 13th. Finally, Barclays reduced their price target on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a research report on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Stock Performance

Shares of ELV stock opened at $395.28 on Friday. The stock has a market capitalization of $85.72 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 2.26 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. The stock’s 50-day moving average price is $395.36 and its 200 day moving average price is $362.06. 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 quarterly earnings data on Wednesday, July 15th. The company reported $7.45 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 firm had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. During the same period in the prior year, the business earned $8.84 EPS. The firm’s revenue was up .8% compared to the same quarter last year. As a group, equities research analysts forecast that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio (DPR) is currently 30.58%.

Insiders Place Their Bets

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