Tocqueville Asset Management L.P. Invests $1.50 Million in Elevance Health, Inc. $ELV

Tocqueville Asset Management L.P. bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,871 shares of the company’s stock, valued at approximately $1,497,000.

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

Elevance Health Stock Down 0.3%

ELV stock opened at $397.15 on Friday. The business has a 50 day moving average of $394.82 and a 200 day moving average of $359.63. The firm has a market cap of $86.13 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $48.88 billion. During the same period in the previous year, the company posted $8.84 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. On average, research analysts forecast that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is currently 30.58%.

Analysts Set New Price Targets

Several research firms recently weighed in on ELV. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a research report on Thursday, July 16th. Robert W. Baird increased their price objective on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Morgan Stanley boosted their target price on shares of Elevance Health from $352.00 to $404.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Guggenheim upped their target price on shares of Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and increased their price target for the stock from $363.00 to $498.00 in a research note on Wednesday, May 20th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $440.90.

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.34% of the stock is currently owned by insiders.

Elevance Health Company 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.