1832 Asset Management L.P. Has $354.71 Million Stake in Elevance Health, Inc. $ELV

Key Points

• 1832 Asset Management L.P. has reduced its stake in Elevance Health, owning 0.36% of the company worth approximately $354.7 million after selling 6,070 shares.
• Elevance Health reported $8.84 EPS for the last quarter, missing estimates, but had revenue of $49.42 billion, exceeding expectations.
• The company recently declared a quarterly dividend of $1.71 per share, indicating a 2.2% yield, with a payout ratio of 29.11%.

1832 Asset Management L.P. decreased its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 0.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 815,505 shares of the company's stock after selling 6,070 shares during the period. 1832 Asset Management L.P. owned 0.36% of Elevance Health worth $354,712,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Milestone Asset Management LLC increased its stake in Elevance Health by 2.2% in the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after acquiring an additional 24 shares during the last quarter. GLOBALT Investments LLC GA increased its stake in Elevance Health by 0.4% in the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after acquiring an additional 24 shares during the last quarter. Elser Financial Planning Inc increased its stake in Elevance Health by 3.0% in the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after acquiring an additional 26 shares during the last quarter. Checchi Capital Advisers LLC increased its stake in Elevance Health by 1.0% in the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after acquiring an additional 27 shares during the last quarter. Finally, Hemington Wealth Management increased its stake in Elevance Health by 13.3% in the first quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after acquiring an additional 27 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ELV shares. Morgan Stanley decreased their price objective on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. UBS Group reissued a "buy" rating and issued a $484.00 price objective (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Robert W. Baird decreased their target price on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Barclays decreased their target price on shares of Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Finally, Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus target price of $413.81.

Elevance Health Trading Up 2.0%

Shares of NYSE:ELV traded up $6.2370 during mid-day trading on Friday, reaching $315.8370. 2,961,044 shares of the company's stock were exchanged, compared to its average volume of 2,474,865. The firm has a market capitalization of $71.12 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 1.16 and a beta of 0.58. The business's fifty day moving average price is $324.18 and its 200-day moving average price is $378.47. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The business had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the firm posted $10.12 EPS. On average, research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is 29.11%.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were bought at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The shares were acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by insiders.

Elevance Health Company 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.