Firetrail Investments PTY Ltd. Takes Position in Elevance Health, Inc. $ELV

Firetrail Investments PTY Ltd. bought a new position in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 31,530 shares of the company’s stock, valued at approximately $12,120,000. Elevance Health accounts for about 3.4% of Firetrail Investments PTY Ltd.’s holdings, making the stock its 9th largest holding.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Bank of New York Mellon Corp purchased a new stake in Elevance Health in the 2nd quarter worth about $1,246,349,000. Norges Bank purchased a new position in Elevance Health during the 4th quarter valued at about $1,058,165,000. Wellington Management Group LLP grew its stake 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 acquiring an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Elevance Health by 27.5% in the 4th 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. Finally, Amundi increased its holdings in shares of Elevance Health by 145.7% in the 1st quarter. Amundi now owns 2,693,664 shares of the company’s stock valued at $788,570,000 after purchasing an additional 1,597,497 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity

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 completion of the sale, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.34% of the company’s stock.

Elevance Health Trading Up 0.1%

NYSE:ELV opened at $400.63 on Monday. The stock’s 50 day moving average price is $396.05 and its 200 day moving average price is $358.01. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The company has a market capitalization of $86.88 billion, a P/E ratio of 17.81, a P/E/G ratio of 2.30 and a beta of 0.68. 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 issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the firm earned $8.84 earnings per share. On average, research analysts forecast that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Announces Dividend

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

Analyst Ratings Changes

Several research firms recently commented on ELV. Leerink Partners raised their price target on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. TD Cowen upped their price objective on shares of Elevance Health from $400.00 to $465.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. 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 research report on Thursday, July 16th. UBS Group lifted their target price on shares of Elevance Health from $400.00 to $460.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. Finally, Sanford C. Bernstein set a $488.00 price objective on Elevance Health in a report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health 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.