First Eagle Investment Management LLC Acquires 275,708 Shares of Elevance Health, Inc. (NYSE:ELV)

First Eagle Investment Management LLC lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 15.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,058,283 shares of the company’s stock after buying an additional 275,708 shares during the period. Elevance Health comprises 2.5% of First Eagle Investment Management LLC’s holdings, making the stock its 10th largest position. First Eagle Investment Management LLC owned approximately 0.89% of Elevance Health worth $1,115,301,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Bank & Trust Co acquired a new position in Elevance Health during the second quarter valued at approximately $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Elevance Health in the 4th quarter valued at approximately $28,000. Palisade Asset Management LLC bought a new position in shares of Elevance Health in the first quarter valued at $28,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health during the second quarter worth $28,000. Finally, Strategic Financial Concepts LLC bought a new stake in Elevance Health during the second quarter worth $30,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ELV. Morgan Stanley began coverage on shares of Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective for the company. Bank of America reiterated a “neutral” rating and set a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. JPMorgan Chase & Co. boosted their price target on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Wells Fargo & Company cut their price objective on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Finally, TD Cowen decreased their target price on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health has a consensus rating of “Buy” and an average target price of $604.29.

Elevance Health Stock Down 0.7 %

ELV opened at $539.46 on Thursday. The stock has a fifty day moving average of $536.03 and a 200-day moving average of $528.77. The company has a market capitalization of $125.38 billion, a P/E ratio of 20.39, a P/E/G ratio of 1.19 and a beta of 0.82. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. During the same quarter in the previous year, the company earned $9.04 EPS. The business’s revenue was down .4% on a year-over-year basis. On average, equities analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.21%. Elevance Health’s payout ratio is 24.64%.

Insider Buying and Selling

In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. The disclosure for this sale can be found here. Insiders sold 35,058 shares of company stock valued at $17,588,116 over the last quarter. 0.35% of the stock is owned by company insiders.

Elevance Health Company Profile

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.