Distillate Capital Partners LLC Grows Position in Elevance Health, Inc. (NYSE:ELV)

Distillate Capital Partners LLC lifted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 199,925.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 54,007 shares of the company’s stock after purchasing an additional 53,980 shares during the quarter. Elevance Health comprises approximately 1.5% of Distillate Capital Partners LLC’s holdings, making the stock its 11th largest holding. Distillate Capital Partners LLC’s holdings in Elevance Health were worth $29,264,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Accretive Wealth Partners LLC purchased a new position in shares of Elevance Health in the 4th quarter valued at $209,000. SageView Advisory Group LLC increased its holdings in Elevance Health by 109.2% in the 4th quarter. SageView Advisory Group LLC now owns 1,416 shares of the company’s stock valued at $697,000 after purchasing an additional 739 shares in the last quarter. Congress Wealth Management LLC DE raised its position in Elevance Health by 20.9% in the fourth quarter. Congress Wealth Management LLC DE now owns 2,073 shares of the company’s stock valued at $978,000 after purchasing an additional 359 shares during the period. Johnson Financial Group Inc. lifted its stake in shares of Elevance Health by 377.2% during the fourth quarter. Johnson Financial Group Inc. now owns 272 shares of the company’s stock worth $128,000 after purchasing an additional 215 shares in the last quarter. Finally, JARISLOWSKY FRASER Ltd purchased a new stake in shares of Elevance Health in the fourth quarter worth about $808,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ELV. 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 decreased their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. TD Cowen dropped their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Finally, Truist Financial raised their target price on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research note on Monday, July 15th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $604.29.

Elevance Health Price Performance

Shares of NYSE ELV opened at $533.73 on Tuesday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $124.05 billion, a price-to-earnings ratio of 20.17, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. Elevance Health, Inc. has a twelve month low of $431.38 and a twelve month high of $567.26. The business has a 50 day simple moving average of $536.25 and a 200-day simple moving average of $529.70.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. During the same period in the prior year, the company earned $9.04 earnings per share. The firm’s revenue was down .4% compared to the same quarter last year. As a group, equities research analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,058 shares of company stock worth $17,588,116. Insiders own 0.35% 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.