Parallel Advisors LLC Purchases 339 Shares of Elevance Health, Inc. (NYSE:ELV)

Parallel Advisors LLC lifted its position in Elevance Health, Inc. (NYSE:ELV) by 9.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,920 shares of the company’s stock after acquiring an additional 339 shares during the quarter. Parallel Advisors LLC’s holdings in Elevance Health were worth $2,124,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its holdings in shares of Elevance Health by 114.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after purchasing an additional 16,737 shares in the last quarter. Brave Warrior Advisors LLC raised its stake in Elevance Health by 7.9% in the fourth quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock worth $828,367,000 after buying an additional 129,055 shares in the last quarter. New Mexico Educational Retirement Board lifted its holdings in Elevance Health by 14.6% during the first quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock worth $6,949,000 after buying an additional 1,800 shares during the period. Bank of Nova Scotia boosted its position in Elevance Health by 276.0% during the 4th quarter. Bank of Nova Scotia now owns 82,331 shares of the company’s stock valued at $38,823,000 after acquiring an additional 60,436 shares in the last quarter. Finally, Blair William & Co. IL boosted its position in Elevance Health by 119.7% during the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after acquiring an additional 6,610 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of NYSE ELV opened at $550.84 on Monday. Elevance Health, Inc. has a 52 week low of $431.38 and a 52 week high of $567.26. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm has a market cap of $127.73 billion, a P/E ratio of 20.82, a P/E/G ratio of 1.19 and a beta of 0.82. The business’s 50 day moving average price is $535.11 and its 200 day moving average price is $528.02.

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

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.18%. Elevance Health’s payout ratio is currently 24.64%.

Insider Activity

In related news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 in the last quarter. 0.35% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Baird R W upgraded Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Robert W. Baird initiated coverage on shares of Elevance Health in a research report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price target for the company. TD Cowen reduced their price objective on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research note on Friday, July 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 target price on shares of Elevance Health in a research note on Tuesday, September 10th. Finally, Morgan Stanley initiated coverage on Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 price target on the stock. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $604.29.

About Elevance Health

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.