Frank Rimerman Advisors LLC Raises Stock Position in Elevance Health, Inc. (NYSE:ELV)

Frank Rimerman Advisors LLC grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 35,527.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,919 shares of the company’s stock after buying an additional 3,908 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Elevance Health were worth $2,124,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its stake in shares of Elevance Health by 34.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after purchasing an additional 523,910 shares during the last quarter. Morningstar Investment Services LLC bought a new stake in Elevance Health in the fourth quarter worth $239,244,000. Focused Investors Fund L P purchased a new position in Elevance Health during the first quarter worth $249,884,000. M&G Plc bought a new position in Elevance Health during the first quarter valued at $203,389,000. Finally, Maj Invest Holding A S purchased a new stake in shares of Elevance Health in the second quarter valued at $173,753,000. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s 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 in the company, valued at approximately $4,926,213.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at approximately $63,478,674.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is currently owned by insiders.

Elevance Health Trading Up 0.3 %

NYSE:ELV opened at $539.86 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a 50-day simple moving average of $536.19 and a 200-day simple moving average of $529.30. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $567.26. The firm has a market cap of $125.47 billion, a P/E ratio of 20.40, a P/E/G ratio of 1.19 and a beta of 0.82.

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

Elevance Health Dividend Announcement

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

Wall Street Analyst Weigh In

ELV has been the topic of several analyst reports. Bank of America reiterated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. JPMorgan Chase & Co. increased their price target on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Truist Financial boosted their price objective on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, July 15th. Robert W. Baird assumed coverage on Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price on the stock. Finally, Wells Fargo & Company lowered 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. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Elevance Health has a consensus rating of “Buy” and an average price target of $604.29.

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.