Pzena Investment Management LLC Buys New Position in Elevance Health, Inc. $ELV

Pzena Investment Management LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV) in the second quarter, HoldingsChannel.com reports. The firm purchased 224,575 shares of the company’s stock, valued at approximately $86,850,000.

Several other institutional investors have also added to or reduced their stakes in the business. WealthCollab LLC increased its holdings in shares of Elevance Health by 42.2% during the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after acquiring an additional 27 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Elevance Health in the 4th quarter valued at approximately $31,000. J.Safra Asset Management Corp acquired a new stake in Elevance Health in the 4th quarter worth approximately $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Elevance Health in the 4th quarter worth approximately $38,000. Finally, Main Street Group LTD purchased a new stake in Elevance Health during the 1st quarter worth approximately $39,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $390.69 on Tuesday. The stock has a 50-day simple moving average of $395.48 and a two-hundred day simple moving average of $358.49. The firm has a market capitalization of $84.73 billion, a P/E ratio of 17.36, a PEG ratio of 2.30 and a beta of 0.68. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter in the previous year, the firm posted $8.84 EPS. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.8%. Elevance Health’s payout ratio is presently 30.58%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Cantor Fitzgerald upped their price target on shares of Elevance Health from $400.00 to $450.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. UBS Group lifted their price objective on shares of Elevance Health from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Barclays dropped their price objective on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating on the stock in a report on Thursday, July 16th. JPMorgan Chase & Co. upped their target price on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. Finally, Robert W. Baird raised their target price on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Insider Buying and Selling

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

Elevance Health 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.