Perigon Wealth Management LLC Takes Position in Elevance Health, Inc. $ELV

Perigon Wealth Management LLC acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,060 shares of the company’s stock, valued at approximately $797,000.

Several other large investors have also made changes to their positions in ELV. Sei Investments Co. increased its position in Elevance Health by 7.7% during the 2nd quarter. Sei Investments Co. now owns 163,668 shares of the company’s stock worth $63,666,000 after purchasing an additional 11,745 shares in the last quarter. Glenview Trust co lifted its position in Elevance Health by 41.5% during the second quarter. Glenview Trust co now owns 1,619 shares of the company’s stock valued at $630,000 after buying an additional 475 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Elevance Health by 6.9% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company’s stock worth $25,650,000 after buying an additional 4,272 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Elevance Health by 5.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company’s stock worth $16,478,000 after acquiring an additional 2,012 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Elevance Health by 111.8% in the second quarter. Quantinno Capital Management LP now owns 43,911 shares of the company’s stock worth $17,080,000 after acquiring an additional 23,180 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ELV. The Goldman Sachs Group restated a “neutral” rating and set a $395.00 target price on shares of Elevance Health in a report on Thursday, July 16th. Leerink Partners raised their price objective on Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a research report on Friday, July 17th. Wells Fargo & Company reduced their price objective on Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. Barclays decreased their target price on Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a research report on Thursday, July 16th. Finally, Raymond James Financial set a $450.00 target price on Elevance Health in a research note on Tuesday, July 7th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Price Performance

ELV opened at $399.35 on Wednesday. The company has a fifty day simple moving average of $394.99 and a 200 day simple moving average of $358.90. The firm has a market cap of $86.61 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.30 and a beta of 0.68. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24. 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 (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts’ consensus estimates 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 firm’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $8.84 EPS. Equities research analysts expect that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Dividend Announcement

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

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.34% of the company’s stock.

Elevance Health Company 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.