AMF Tjanstepension AB Boosts Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• AMF Tjanstepension AB increased its stake in Elevance Health, Inc. by 44.1% in Q2, now owning 149,520 shares, valued at approximately $58.18 million.
• Despite missing earnings estimates with an EPS of $8.84 for the last quarter, Elevance Health's revenue increased by 14.3% year-over-year, reaching $49.42 billion.
• Elevance Health recently declared a quarterly dividend of $1.71 per share, reflecting an annualized yield of 1.9%.

AMF Tjanstepension AB lifted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 44.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,520 shares of the company's stock after purchasing an additional 45,726 shares during the period. AMF Tjanstepension AB owned about 0.07% of Elevance Health worth $58,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC boosted its stake in shares of Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after acquiring an additional 38 shares in the last quarter. WPG Advisers LLC acquired a new position in Elevance Health in the 1st quarter worth about $29,000. Riverview Trust Co boosted its position in 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 purchasing an additional 67 shares in the last quarter. North Capital Inc. purchased a new position in Elevance Health during the first quarter worth approximately $36,000. Finally, Saudi Central Bank acquired a new stake in Elevance Health in the first quarter valued at approximately $40,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Stock Performance

NYSE:ELV opened at $351.11 on Friday. The company has a market cap of $79.06 billion, a P/E ratio of 14.94, a P/E/G ratio of 1.25 and a beta of 0.59. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $510.24. The company's 50-day moving average price is $307.98 and its 200-day moving average price is $361.67. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the prior year, the company posted $10.12 EPS. The firm's revenue was up 14.3% on a year-over-year basis. On average, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were given a dividend of $1.71 per share. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.9%. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ELV. Weiss Ratings reiterated a "sell (d+)" rating on shares of Elevance Health in a research report on Saturday, September 27th. Truist Financial reduced their price objective on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Guggenheim dropped their target price on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Argus reissued a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Finally, UBS Group decreased their price target on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research note on Friday, September 5th. Twelve equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Elevance Health presently has a consensus rating of "Moderate Buy" and an average target price of $411.06.

Insiders Place Their Bets

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

About Elevance Health

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.