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

Ranmore Fund Management Ltd bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, Holdings Channel reports. The fund bought 50,000 shares of the company’s stock, valued at approximately $19,448,000. Elevance Health accounts for approximately 7.8% of Ranmore Fund Management Ltd’s portfolio, making the stock its 9th largest holding.

A number of other large investors have also made changes to their positions in ELV. Private Wealth Management Group LLC boosted its holdings in Elevance Health by 152.0% during the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after buying an additional 38 shares in the last quarter. WPG Advisers LLC acquired a new stake in shares of Elevance Health in the 1st quarter worth approximately $29,000. BOK Financial Private Wealth Inc. purchased a new position in Elevance Health in the 2nd quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc raised its holdings in Elevance Health by 400.0% during the second quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after purchasing an additional 80 shares during the last quarter. Finally, Saudi Central Bank purchased a new stake in Elevance Health during the first quarter worth $40,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $315.06 on Wednesday. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The firm has a market capitalization of $70.02 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.23 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. The company’s fifty day moving average price is $328.95 and its two-hundred day moving average price is $342.64.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. During the same quarter in the prior year, the business posted $8.37 earnings per share. Elevance Health’s revenue for the quarter was up 12.0% on a year-over-year basis. On average, research analysts anticipate that Elevance Health, Inc. will post 33.96 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, December 19th. Shareholders of record on Friday, December 5th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 27.96%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ELV. Cowen reaffirmed a “buy” rating on shares of Elevance Health in a research note on Thursday, October 23rd. Barclays lowered their price target on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 22nd. Weiss Ratings raised Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Finally, Truist Financial set a $400.00 price objective on Elevance Health in a research note on Tuesday, October 14th. Twelve analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $397.33.

Insider Activity

In other news, Director Susan D. Devore purchased 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company’s stock.

About Elevance Health

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.