Family Legacy Inc. Invests $2.88 Million in Elevance Health, Inc. $ELV

Family Legacy Inc. bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,435 shares of the company’s stock, valued at approximately $2,875,000.

Other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after buying an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Elevance Health by 27.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock valued at $2,610,261,000 after purchasing an additional 1,607,274 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of Elevance Health by 10.0% in the fourth quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company’s stock valued at $1,764,231,000 after purchasing an additional 455,946 shares during the period. First Eagle Investment Management LLC grew its stake in Elevance Health by 0.6% in the fourth quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company’s stock worth $1,410,219,000 after purchasing an additional 24,271 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Elevance Health by 50.3% during the 4th quarter. Invesco Ltd. now owns 3,903,878 shares of the company’s stock worth $1,368,505,000 after purchasing an additional 1,306,390 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Raymond James Financial set a $450.00 target price on Elevance Health in a research report on Tuesday, July 7th. Barclays cut their price target on Elevance Health from $480.00 to $457.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. Wall Street Zen downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Robert W. Baird increased their target price on shares of Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Finally, TD Cowen raised their target price on shares of Elevance Health from $400.00 to $465.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $440.90.

Elevance Health Trading Up 0.6%

ELV opened at $400.63 on Friday. The firm has a market cap of $86.88 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.30 and a beta of 0.68. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The stock has a fifty day moving average price of $396.05 and a 200-day moving average price of $358.15.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter last year, the company earned $8.84 earnings per share. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities research analysts anticipate that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s payout ratio is presently 30.58%.

Insider Activity

In related 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 transaction of $60,667.27. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.34% of the stock is currently owned by 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.