Palmer Knight Co Buys 88 Shares of Elevance Health, Inc. (NYSE:ELV)

Palmer Knight Co boosted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 0.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,455 shares of the company’s stock after purchasing an additional 88 shares during the quarter. Elevance Health comprises about 2.7% of Palmer Knight Co’s portfolio, making the stock its 23rd biggest position. Palmer Knight Co’s holdings in Elevance Health were worth $5,665,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Truepoint Inc. acquired a new position in shares of Elevance Health in the 2nd quarter valued at about $434,000. Victory Capital Management Inc. lifted its holdings in Elevance Health by 15.7% in the second quarter. Victory Capital Management Inc. now owns 194,191 shares of the company’s stock valued at $105,224,000 after acquiring an additional 26,382 shares during the last quarter. Horizon Investment Services LLC lifted its stake in Elevance Health by 2.3% during the second quarter. Horizon Investment Services LLC now owns 4,413 shares of the company’s stock worth $2,391,000 after purchasing an additional 100 shares in the last quarter. Kornitzer Capital Management Inc. KS increased its position in shares of Elevance Health by 3.6% during the second quarter. Kornitzer Capital Management Inc. KS now owns 3,495 shares of the company’s stock worth $1,894,000 after acquiring an additional 120 shares during the period. Finally, First Business Financial Services Inc. increased its position in shares of Elevance Health by 4.0% during the second quarter. First Business Financial Services Inc. now owns 2,485 shares of the company’s stock worth $1,347,000 after acquiring an additional 95 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of Elevance Health stock traded up $2.13 on Friday, reaching $546.53. The stock had a trading volume of 46,484 shares, compared to its average volume of 1,012,737. Elevance Health, Inc. has a 1 year low of $431.38 and a 1 year high of $567.26. The company has a market cap of $127.02 billion, a P/E ratio of 20.57, a price-to-earnings-growth ratio of 1.22 and a beta of 0.84. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average is $533.77 and its two-hundred day moving average is $526.28.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. During the same quarter last year, the business earned $9.04 earnings per share. The business’s revenue was down .4% on a year-over-year basis. As a group, research analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

Analysts Set New Price Targets

ELV has been the topic of a number of analyst reports. Royal Bank of Canada lifted their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. TD Cowen dropped their price objective on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a report on Friday, July 19th. Wells Fargo & Company decreased their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Bank of America reissued a “neutral” rating and issued a $530.00 price objective (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Finally, Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Elevance Health currently has an average rating of “Buy” and a consensus target price of $604.29.

Insider Buying and Selling

In related news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction on 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 Securities & Exchange Commission, which is accessible through this link. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following 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 sold 35,058 shares of company stock valued at $17,588,116 over the last quarter. 0.35% of the stock is 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.