Peak Asset Management LLC Makes New $1 Million Investment in Elevance Health, Inc. $ELV

Peak Asset Management LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 2,590 shares of the company’s stock, valued at approximately $1,002,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ELV. WealthCollab LLC lifted 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 acquiring an additional 27 shares during the period. Kilter Group LLC bought a new stake in shares of Elevance Health during the 2nd quarter valued at $28,000. Kemnay Advisory Services Inc. bought a new position in shares of Elevance Health in the 4th quarter worth about $31,000. J.Safra Asset Management Corp bought a new position in shares of Elevance Health during the fourth quarter valued at approximately $32,000. Finally, Main Street Group LTD bought a new stake in shares of Elevance Health in the 1st quarter worth approximately $39,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on ELV shares. JPMorgan Chase & Co. increased their target price on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research note on Monday, June 8th. Raymond James Financial set a $450.00 price target on shares of Elevance Health in a research note on Tuesday, July 7th. Truist Financial lifted their price target on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Weiss Ratings restated a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Finally, Leerink Partners raised their price objective on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $440.90.

Elevance Health Trading Up 0.5%

NYSE ELV opened at $402.62 on Tuesday. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The stock has a market cap of $87.32 billion, a P/E ratio of 17.89, a P/E/G ratio of 2.29 and a beta of 0.68. The company has a fifty day simple moving average of $394.79 and a two-hundred day simple moving average of $360.49.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The firm had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter in the prior year, the firm earned $8.84 EPS. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current 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 paid a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio is 30.58%.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’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 sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.34% of the stock is owned by corporate insiders.

About Elevance Health

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.