Alyeska Investment Group L.P. Acquires 98,839 Shares of Elevance Health, Inc. $ELV

Key Points

• Alyeska Investment Group increased its Elevance Health stake by 131.8% in the second quarter, purchasing 98,839 additional shares and bringing its holdings to 173,839 shares valued at approximately $67.2 million.
• Analysts maintain a generally positive outlook, with 15 Buy ratings and eight Holds. The stock has an average rating of “Moderate Buy” and an average price target of $440.90, above its reported price of $395.28.
• Elevance Health exceeded quarterly expectations, reporting adjusted earnings of $7.45 per share versus the $6.21 consensus estimate and revenue of $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, equivalent to a 1.7% annual yield.

Alyeska Investment Group L.P. grew its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 131.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 173,839 shares of the company's stock after purchasing an additional 98,839 shares during the period. Alyeska Investment Group L.P. owned about 0.08% of Elevance Health worth $67,229,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Field & Main Bank increased its holdings in Elevance Health by 1.3% during the 2nd quarter. Field & Main Bank now owns 1,883 shares of the company's stock worth $728,000 after purchasing an additional 25 shares during the period. WealthCollab LLC grew its holdings in Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after acquiring an additional 27 shares in the last quarter. Signet Financial Management LLC increased its position in Elevance Health by 3.5% during the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company's stock valued at $245,000 after purchasing an additional 28 shares during the period. Sapient Capital LLC increased its position in Elevance Health by 1.2% during the 1st quarter. Sapient Capital LLC now owns 2,612 shares of the company's stock valued at $765,000 after purchasing an additional 31 shares during the period. Finally, Mutual Advisors LLC lifted its position in shares of Elevance Health by 1.4% in the 4th quarter. Mutual Advisors LLC now owns 2,290 shares of the company's stock worth $803,000 after purchasing an additional 32 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on ELV shares. Evercore reissued a "hold" rating on shares of Elevance Health in a research note on Tuesday, May 19th. Weiss Ratings reiterated a "hold (c)" rating on shares of Elevance Health in a report on Thursday, August 13th. Morgan Stanley boosted their price target on Elevance Health from $352.00 to $404.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 4th. UBS Group upped their price objective on Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a research note on Friday, May 22nd. Finally, Mizuho lifted their target price on Elevance Health from $435.00 to $465.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Trading Up 0.2%

Shares of NYSE:ELV opened at $395.28 on Monday. The business's 50-day moving average is $395.36 and its 200 day moving average is $362.31. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. The firm has a market capitalization of $85.72 billion, a P/E ratio of 17.57, a P/E/G ratio of 2.26 and a beta of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company's revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $8.84 earnings per share. On average, research analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. Elevance Health's payout ratio is currently 30.58%.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business'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 sale, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.34% of the company's stock.

Elevance Health Company 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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