Glenview Trust Co Invests $440,000 in Elevance Health, Inc. $ELV

Glenview Trust Co acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 1,502 shares of the company’s stock, valued at approximately $440,000.

Other hedge funds also recently made changes to their positions in the company. Stoneridge Investment Partners LLC purchased a new position in Elevance Health in the 2nd quarter worth $970,000. Manning & Napier Advisors LLC boosted its position in Elevance Health by 1,423.1% during the fourth quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock valued at $129,152,000 after buying an additional 344,237 shares during the period. State of Wyoming bought a new position in shares of Elevance Health during the second quarter valued at about $1,765,000. Mawer Investment Management Ltd. increased its holdings in shares of Elevance Health by 10.9% in the fourth quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company’s stock worth $72,597,000 after buying an additional 20,438 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Elevance Health by 160.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 299,374 shares of the company’s stock valued at $115,777,000 after acquiring an additional 184,595 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction 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 completion of 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 ownership of the stock. The sale 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 Trading Down 1.0%

ELV opened at $395.28 on Friday. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The stock has a market cap of $85.72 billion, a PE ratio of 17.57, a PEG ratio of 2.26 and a beta of 0.68. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The business has a 50 day moving average of $395.36 and a 200-day moving average of $362.06.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping 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 business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the previous year, the firm posted $8.84 earnings per share. Elevance Health’s quarterly revenue was up .8% on a year-over-year basis. Equities research analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. 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 30.58%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wells Fargo & Company dropped their target price on Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. Wall Street Zen lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Morgan Stanley raised their target price on shares of Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a research note on Thursday, August 13th. Finally, Evercore reissued a “hold” rating on shares of Elevance Health in a report on Tuesday, May 19th. Fifteen 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, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target 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.