683 Capital Management LLC Acquires 24,000 Shares of Elevance Health, Inc. $ELV

Key Points

• 683 Capital Management increased its Elevance Health stake by 133.3% in Q4, buying 24,000 more shares and bringing its total to 42,000 shares worth about $14.7 million.
• Several analysts turned more positive on ELV, with firms like Barclays, UBS, Guggenheim, and Bank of America lifting price targets; the stock currently has a Moderate Buy consensus and an average target of $416.11.
• Elevance Health reported better-than-expected quarterly earnings of $12.58 per share and revenue of $49.49 billion, and it also announced a $1.72 quarterly dividend payable June 25.

683 Capital Management LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 133.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,000 shares of the company's stock after purchasing an additional 24,000 shares during the period. Elevance Health comprises about 0.6% of 683 Capital Management LLC's investment portfolio, making the stock its 26th biggest holding. 683 Capital Management LLC's holdings in Elevance Health were worth $14,723,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Sound View Wealth Advisors Group LLC grew its holdings in shares of Elevance Health by 3.0% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 1,011 shares of the company's stock worth $354,000 after acquiring an additional 29 shares during the period. Fulton Breakefield Broenniman LLC grew its holdings in shares of Elevance Health by 3.6% in the fourth quarter. Fulton Breakefield Broenniman LLC now owns 825 shares of the company's stock worth $289,000 after acquiring an additional 29 shares during the period. Perigon Wealth Management LLC grew its holdings in shares of Elevance Health by 2.2% in the fourth quarter. Perigon Wealth Management LLC now owns 1,371 shares of the company's stock worth $481,000 after acquiring an additional 29 shares during the period. Savvy Advisors Inc. grew its holdings in shares of Elevance Health by 3.2% in the fourth quarter. Savvy Advisors Inc. now owns 979 shares of the company's stock worth $343,000 after acquiring an additional 30 shares during the period. Finally, CoreCap Advisors LLC lifted its position in Elevance Health by 6.1% during the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the company's stock valued at $195,000 after purchasing an additional 32 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

ELV has been the topic of several analyst reports. Barclays lifted their target price on Elevance Health from $408.00 to $480.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Guggenheim boosted their price objective on Elevance Health from $396.00 to $399.00 and gave the company a "buy" rating in a research report on Friday, April 24th. UBS Group boosted their price objective on Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a research report on Friday, May 22nd. Weiss Ratings upgraded Elevance Health from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 18th. Finally, Bank of America boosted their price objective on Elevance Health from $435.00 to $460.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Fourteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $416.11.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.34% of the company's stock.

Elevance Health Trading Down 1.4%

Shares of NYSE ELV opened at $392.04 on Thursday. The business's 50 day moving average is $372.34 and its two-hundred day moving average is $346.21. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.48 and a quick ratio of 1.48. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $426.98. The stock has a market capitalization of $85.13 billion, a P/E ratio of 16.68, a PEG ratio of 2.25 and a beta of 0.67.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $12.58 earnings per share for the quarter, topping the consensus estimate of $10.74 by $1.84. Elevance Health had a return on equity of 15.58% and a net margin of 2.62%.The firm had revenue of $49.49 billion for the quarter, compared to the consensus estimate of $48.21 billion. During the same period in the prior year, the business posted $11.97 earnings per share. The company's revenue for the quarter was up 1.5% on a year-over-year basis. Elevance Health has set its FY 2026 guidance at 19.850- EPS. As a group, research analysts expect that Elevance Health, Inc. will post 26.93 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Wednesday, June 10th will be issued a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Wednesday, June 10th. Elevance Health's dividend payout ratio is presently 29.26%.

Elevance Health Profile

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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