E Fund Management Co. Ltd. Makes New Investment in Elevance Health, Inc. $ELV

E Fund Management Co. Ltd. purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 1,587 shares of the company’s stock, valued at approximately $614,000.

A number of other institutional investors have also added to or reduced their stakes in the company. WealthCollab LLC grew its position in shares of Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after buying an additional 27 shares during the period. Signet Financial Management LLC lifted its position in Elevance Health by 3.5% during the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock valued at $245,000 after acquiring an additional 28 shares during the period. Sapient Capital LLC lifted its position in Elevance Health by 1.2% during the 1st quarter. Sapient Capital LLC now owns 2,612 shares of the company’s stock valued at $765,000 after acquiring an additional 31 shares during the period. Mutual Advisors LLC boosted its stake in Elevance Health by 1.4% during the fourth quarter. Mutual Advisors LLC now owns 2,290 shares of the company’s stock worth $803,000 after acquiring an additional 32 shares in the last quarter. Finally, Waddell & Associates LLC boosted its stake in Elevance Health by 2.6% during the fourth quarter. Waddell & Associates LLC now owns 1,241 shares of the company’s stock worth $435,000 after acquiring an additional 32 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Elevance Health Stock Performance

ELV stock opened at $398.53 on Thursday. The company has a market cap of $86.43 billion, a P/E ratio of 17.71, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The stock’s fifty day moving average price is $394.87 and its 200-day moving average price is $359.27.

Elevance Health (NYSE:ELV) last released its quarterly earnings results 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 net margin of 2.47% and a return on equity of 14.64%. The firm had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the prior year, the firm earned $8.84 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. On average, equities analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be paid 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 payout ratio is 30.58%.

Analysts Set New Price Targets

ELV has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised Elevance Health from a “hold” rating to a “buy” rating and raised their price objective for the company from $363.00 to $498.00 in a research report on Wednesday, May 20th. Leerink Partners increased their target price on Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Citigroup upgraded Elevance Health to a “buy” rating in a report on Wednesday, April 29th. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a research report on Thursday, July 16th. Finally, Wells Fargo & Company dropped their price target on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $440.90.

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.