Paralel Advisors LLC Has $2.39 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Paralel Advisors LLC increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 5.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,403 shares of the company’s stock after buying an additional 243 shares during the period. Paralel Advisors LLC’s holdings in Elevance Health were worth $2,386,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Ballentine Partners LLC boosted its holdings in Elevance Health by 34.1% during the second quarter. Ballentine Partners LLC now owns 2,647 shares of the company’s stock worth $1,434,000 after buying an additional 673 shares during the last quarter. Koss Olinger Consulting LLC bought a new position in Elevance Health during the 2nd quarter worth approximately $288,000. Caprock Group LLC boosted its stake in Elevance Health by 50.1% during the 2nd quarter. Caprock Group LLC now owns 6,318 shares of the company’s stock worth $3,424,000 after acquiring an additional 2,108 shares during the last quarter. Certuity LLC bought a new stake in Elevance Health in the second quarter valued at approximately $381,000. Finally, Custom Index Systems LLC increased its stake in Elevance Health by 195.1% in the second quarter. Custom Index Systems LLC now owns 1,328 shares of the company’s stock valued at $720,000 after purchasing an additional 878 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ELV shares. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a research note on Monday, August 19th. TD Cowen lowered 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 report on Friday, July 19th. Robert W. Baird assumed coverage on shares of Elevance Health in a research report on Thursday, May 30th. They issued an “outperform” rating and a $649.00 price objective on the stock. Finally, Wells Fargo & Company lowered their target price on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $604.29.

Elevance Health Stock Performance

Shares of Elevance Health stock traded down $2.49 during trading on Friday, reaching $541.91. The company’s stock had a trading volume of 1,059,242 shares, compared to its average volume of 1,017,658. 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 business’s 50-day moving average price is $533.79 and its 200-day moving average price is $526.61. Elevance Health, Inc. has a 52 week low of $431.38 and a 52 week high of $567.26. The firm has a market cap of $125.95 billion, a PE ratio of 20.48, a P/E/G ratio of 1.22 and a beta of 0.82.

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

Elevance Health Announces Dividend

The company 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 yield of 1.20%. Elevance Health’s payout ratio is 24.64%.

Insider Buying and Selling at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on 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 owns 8,744 shares in the company, valued at approximately $4,647,610.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the business’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 completion of the transaction, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Insiders have sold a total of 35,058 shares of company stock valued at $17,588,116 in the last ninety days. 0.35% of the stock is currently owned by company insiders.

Elevance Health Profile

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.