249,722 Shares in Elevance Health, Inc. $ELV Bought by Diamond Hill Capital Management LLC Investment Advisor

Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 249,722 shares of the company’s stock, valued at approximately $96,575,000.

Several other hedge funds also recently made changes to their positions in ELV. M&T Bank Corp increased its position in Elevance Health by 160.4% during the 4th quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock worth $17,698,000 after purchasing an additional 31,101 shares during the period. Solidarity Wealth LLC acquired a new stake in shares of Elevance Health in the 4th quarter valued at approximately $1,433,000. Manning & Napier Advisors LLC lifted its holdings in shares of Elevance Health by 1,423.1% in the 4th quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock valued at $129,152,000 after buying an additional 344,237 shares during the period. Mawer Investment Management Ltd. boosted its stake in shares of Elevance Health by 10.9% in the fourth quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company’s stock valued at $72,597,000 after buying an additional 20,438 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in Elevance Health by 7.8% during the second quarter. Handelsbanken Fonder AB now owns 79,811 shares of the company’s stock worth $30,865,000 after acquiring an additional 5,772 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Truist Financial increased their price objective on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Sanford C. Bernstein set a $488.00 price target on shares of Elevance Health in a research note on Thursday, July 16th. Mizuho increased their price target on shares of Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Jefferies Financial Group reduced their price objective on shares of Elevance Health from $395.00 to $391.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, Weiss Ratings raised shares of Elevance Health from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 18th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.34% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $400.63 on Monday. The stock has a fifty day moving average price of $396.05 and a 200 day moving average price of $358.01. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The stock has a market cap of $86.88 billion, a PE ratio of 17.81, a P/E/G ratio of 2.30 and a beta of 0.68. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share 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 company had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the prior year, the company earned $8.84 earnings per share. Elevance Health’s revenue was up .8% compared to the same quarter last year. Sell-side analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be paid a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio is presently 30.58%.

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.