Freestone Grove bets $72.1M on Elevance Health in new stake
What's the deal? Freestone Grove Partners LPDealroom has a profile for this one. Try Dealroom → opened a new position in health insurer Elevance HealthDealroom has a profile for this one. Try Dealroom → during the second quarter, buying 186,427 shares worth roughly $72,097,000, according to its latest SEC filing.
The context: Elevance Health is one of the largest US health insurers, with a market capitalisation of $87.32 billion. Its stock opened at $402.62, trading between a 52-week low of $274.84 and a high of $436.24.
Why now? The bet follows a strong quarter. Elevance reported $7.45 earnings per share for the period ended July 15, beating the $6.21 consensus by $1.24, on revenue of $49.83 billion.
The bigger picture: Institutional conviction runs deep here. Hedge funds and other institutional investors own 89.24% of the stock, while insiders hold just 0.34%.
Smaller players have also moved in. Elevation Wealth Partners LLCDealroom has a profile for this one. Try Dealroom → boosted its holdings by 600% in the second quarter, and WealthCollab LLCDealroom has a profile for this one. Try Dealroom → raised its stake by 42.2% in the first, though both positions remain modest.
Insiders, meanwhile, took some money off the table. Director Robert L. Dixon, Jr. sold 151 shares on June 11 at an average $401.77, trimming his stake by 1.39% to 10,734 shares.
What the analysts say: Wall Street leans bullish. Fifteen analysts rate Elevance a Buy against eight Holds, for an average "Moderate Buy" rating and a $440.90 price target.
Targets have moved in both directions since the earnings report. Cantor FitzgeraldDealroom has a profile for this one. Try Dealroom → lifted its objective to $450, and GuggenheimDealroom has a profile for this one. Try Dealroom → to $455 with a Buy rating, while Wells FargoDealroom has a profile for this one. Try Dealroom → cut its target to $473 and BarclaysDealroom has a profile for this one. Try Dealroom → to $457, both keeping "overweight" ratings.
The signal: A fresh eight-figure position from Freestone Grove, alongside rising analyst targets, points to steady institutional confidence in Elevance after an earnings beat — even as insiders quietly pare back.
Read more: tickerreport.com
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