3,237 Shares in Elevance Health, Inc. (NYSE:ELV) Bought by Applied Finance Capital Management LLC

Key Points

• Applied Finance Capital Management LLC invested approximately $1.41 million in Elevance Health, acquiring 3,237 shares during the first quarter.
• Elevance Health recently faced mixed ratings from analysts, with Wall Street Zen lowering its rating from "buy" to "hold," while others maintain positive outlooks with a consensus of "Moderate Buy".
• The company reported earnings of $8.84 per share, falling short of estimates, despite revenues increasing by 14.3% compared to the previous year.

Applied Finance Capital Management LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,237 shares of the company's stock, valued at approximately $1,408,000.

Several other large investors also recently bought and sold shares of ELV. Milestone Asset Management LLC raised its holdings in Elevance Health by 2.2% in the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after buying an additional 24 shares during the period. Elser Financial Planning Inc boosted its stake in Elevance Health by 3.0% during the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock worth $384,000 after buying an additional 26 shares during the period. Checchi Capital Advisers LLC boosted its stake in Elevance Health by 1.0% during the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock worth $1,190,000 after buying an additional 27 shares during the period. Prudent Man Advisors LLC boosted its stake in Elevance Health by 2.3% during the first quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company's stock worth $547,000 after buying an additional 28 shares during the period. Finally, Barlow Wealth Partners Inc. boosted its stake in Elevance Health by 1.3% during the first quarter. Barlow Wealth Partners Inc. now owns 2,280 shares of the company's stock worth $961,000 after buying an additional 30 shares during the period. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analyst Ratings Changes

ELV has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research note on Tuesday, July 22nd. Guggenheim lowered their target price on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Argus restated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Baird R W lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Elevance Health has a consensus rating of "Moderate Buy" and an average price target of $418.19.

Elevance Health Stock Up 1.0%

Shares of NYSE ELV traded up $2.98 during mid-day trading on Wednesday, reaching $291.71. The company had a trading volume of 841,684 shares, compared to its average volume of 1,910,540. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm has a 50 day simple moving average of $355.96 and a two-hundred day simple moving average of $391.33. The stock has a market cap of $65.69 billion, a P/E ratio of 12.41, a PEG ratio of 1.05 and a beta of 0.60. Elevance Health, Inc. has a 52-week low of $274.40 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last posted its 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 company had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company's quarterly revenue was up 14.3% on a year-over-year basis. During the same period last year, the business earned $10.12 earnings per share. Sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 29.11%.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by corporate 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.