Park Place Capital Corp Boosts Stake in Elevance Health, Inc. (NYSE:ELV)

Park Place Capital Corp lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 1,825.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 462 shares of the company’s stock after purchasing an additional 438 shares during the quarter. Park Place Capital Corp’s holdings in Elevance Health were worth $240,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Axxcess Wealth Management LLC purchased a new stake in shares of Elevance Health in the 3rd quarter valued at $556,000. AXQ Capital LP purchased a new position in Elevance Health in the 3rd quarter valued at approximately $1,001,000. Alps Advisors Inc. grew its stake in shares of Elevance Health by 545.2% in the third quarter. Alps Advisors Inc. now owns 7,929 shares of the company’s stock worth $3,452,000 after acquiring an additional 6,700 shares in the last quarter. Eminence Capital LP raised its stake in shares of Elevance Health by 2.1% in the third quarter. Eminence Capital LP now owns 165,812 shares of the company’s stock valued at $72,198,000 after acquiring an additional 3,416 shares in the last quarter. Finally, Legacy Advisors LLC boosted its holdings in Elevance Health by 562.2% in the third quarter. Legacy Advisors LLC now owns 5,569 shares of the company’s stock valued at $2,425,000 after purchasing an additional 4,728 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ELV. JPMorgan Chase & Co. upped their target price on shares of Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Truist Financial reissued a “buy” rating and issued a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Stephens reaffirmed an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a report on Tuesday, June 11th. Finally, UBS Group increased their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $611.36.

Elevance Health Stock Performance

Shares of Elevance Health stock traded down $7.11 during trading on Monday, reaching $534.75. The company’s stock had a trading volume of 678,593 shares, compared to its average volume of 1,026,418. The firm has a market cap of $124.29 billion, a PE ratio of 20.13, a P/E/G ratio of 1.20 and a beta of 0.84. The company has a 50-day moving average price of $534.36 and a two-hundred day moving average price of $508.99. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $550.34.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. During the same period in the prior year, the company earned $9.46 earnings per share. The business’s revenue was up .9% compared to the same quarter last year. On average, analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s payout ratio is currently 24.64%.

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.