15,573 Shares in Elevance Health, Inc. $ELV Purchased by Renaissance Technologies LLC

Key Points

• Renaissance Technologies acquired 15,573 shares of Elevance Health during the first quarter, valued at approximately $4.56 million. Institutional investors and hedge funds collectively own 89.24% of the company.
• Analysts remain broadly positive, with 15 Buy ratings and eight Holds producing a consensus “Moderate Buy” rating and an average price target of $440.90.
• Elevance Health exceeded quarterly expectations, reporting $7.45 in adjusted EPS and $49.83 billion in revenue. The company also declared a quarterly dividend of $1.72 per share, representing a 1.8% annualized yield.

Renaissance Technologies LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 15,573 shares of the company's stock, valued at approximately $4,559,000.

Other hedge funds also recently made changes to their positions in the company. Kemnay Advisory Services Inc. acquired a new position in Elevance Health in the fourth quarter valued at approximately $31,000. J.Safra Asset Management Corp acquired a new stake in shares of Elevance Health during the 4th quarter worth approximately $32,000. WealthCollab LLC lifted its holdings in shares of Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after purchasing an additional 27 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Elevance Health during the 4th quarter valued at approximately $38,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Elevance Health during the 4th quarter valued at approximately $44,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ELV shares. Royal Bank Of Canada dropped their target price on Elevance Health from $439.00 to $424.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 16th. UBS Group boosted their price target on shares of Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a report on Friday, May 22nd. TD Cowen upped their price target on shares of Elevance Health from $400.00 to $465.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $395.00 price objective on shares of Elevance Health in a report on Thursday, July 16th. Finally, Truist Financial lifted their price objective on shares of Elevance Health from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $440.90.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.34% of the company's stock.

Elevance Health Stock Performance

NYSE:ELV opened at $390.89 on Friday. The company has a 50-day moving average of $396.55 and a 200-day moving average of $356.98. The firm has a market cap of $84.77 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 2.25 and a beta of 0.68. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion for the quarter, compared to analysts' expectations of $48.88 billion. During the same period in the previous year, the firm posted $8.84 EPS. The company's quarterly revenue was up .8% on a year-over-year basis. Analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued a dividend of $1.72 per share. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.8%. Elevance Health's payout ratio is currently 30.58%.

About Elevance Health

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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