683 Capital Management LLC Takes $11.74 Million Position in Elevance Health, Inc. $ELV

Key Points

• 683 Capital Management LLC has acquired 27,000 shares of Elevance Health, Inc. valued at approximately $11.74 million, making it the firm's 23rd largest holding.
• Institutional investors own 89.24% of Elevance Health stock, with notable increases in holdings from firms like Adage Capital Partners and Federation des caisses Desjardins du Quebec.
• Despite a recent quarterly earnings miss where Elevance Health reported EPS of $8.84 against an estimate of $9.30, the company's revenue was up 14.3% year-over-year, reaching $49.42 billion.

683 Capital Management LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 27,000 shares of the company's stock, valued at approximately $11,744,000. Elevance Health makes up 0.8% of 683 Capital Management LLC's portfolio, making the stock its 23rd biggest holding.

Other institutional investors also recently bought and sold shares of the company. Private Wealth Management Group LLC increased its stake in shares of Elevance Health by 152.0% during the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after acquiring an additional 38 shares during the period. WPG Advisers LLC acquired a new position in shares of Elevance Health during the first quarter worth about $29,000. Riverview Trust Co increased its stake in shares of Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after acquiring an additional 67 shares during the period. North Capital Inc. acquired a new position in shares of Elevance Health during the first quarter worth about $36,000. Finally, Orion Capital Management LLC acquired a new position in shares of Elevance Health during the fourth quarter worth about $39,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Price Performance

Shares of NYSE ELV traded up $5.74 on Friday, hitting $313.79. The company's stock had a trading volume of 1,861,540 shares, compared to its average volume of 2,037,073. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $559.95. The company has a market capitalization of $70.66 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 1.13 and a beta of 0.59. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a 50 day moving average of $312.04 and a 200-day moving average of $373.45.

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

Elevance Health Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Morgan Stanley dropped their price target 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. Leerink Partnrs downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Leerink Partners reissued a "market perform" rating and set a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Royal Bank Of Canada reissued an "outperform" rating and set a $478.00 price objective on shares of Elevance Health in a report on Wednesday, June 4th. Finally, UBS Group decreased their price objective on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a report on Friday. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and a consensus target price of $411.06.

Insider Activity

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