Elevance Health, Inc. (NYSE:ELV) Shares Purchased by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in Elevance Health by 11.4%, acquiring an additional 4,266 shares, bringing its total holdings to 41,764 shares worth approximately $18.17 million.
• Elevance Health reported earnings per share of $8.84, missing analysts' expectations, despite generating revenue of $49.42 billion for the quarter.
• The company declared a quarterly dividend of $1.71, resulting in an annualized dividend yield of 2.37%, with a dividend payout ratio of 29.11%.

Assetmark Inc. lifted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 11.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 41,764 shares of the company's stock after purchasing an additional 4,266 shares during the period. Assetmark Inc.'s holdings in Elevance Health were worth $18,166,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Milestone Asset Management LLC lifted its stake in Elevance Health by 2.2% in the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock worth $488,000 after acquiring an additional 24 shares during the period. Elser Financial Planning Inc lifted its position in Elevance Health by 3.0% during the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after buying an additional 26 shares during the period. Checchi Capital Advisers LLC lifted its position in Elevance Health by 1.0% during the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after buying an additional 27 shares during the period. Prudent Man Advisors LLC increased its holdings in shares of Elevance Health by 2.3% during the first quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company's stock valued at $547,000 after acquiring an additional 28 shares in the last quarter. Finally, Barlow Wealth Partners Inc. increased its holdings in shares of Elevance Health by 1.3% during the first quarter. Barlow Wealth Partners Inc. now owns 2,280 shares of the company's stock valued at $961,000 after acquiring an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ELV shares. Robert W. Baird reduced their price target on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Cantor Fitzgerald restated an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Argus reissued a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Morgan Stanley decreased their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Finally, Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $418.19.

Elevance Health Trading Down 0.3%

NYSE:ELV traded down $0.99 during trading hours on Wednesday, hitting $287.74. The company had a trading volume of 371,523 shares, compared to its average volume of 1,907,172. 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 company has a 50-day moving average of $355.96 and a 200 day moving average of $391.33. The company has a market cap of $64.79 billion, a P/E ratio of 12.25, a P/E/G ratio of 1.05 and a beta of 0.60. Elevance Health, Inc. has a 1 year low of $274.40 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 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 analyst estimates of $48.26 billion. During the same period last year, the company earned $10.12 EPS. The business's revenue for the quarter was up 14.3% on a year-over-year basis. Sell-side analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business 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 dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.38%. Elevance Health's dividend payout ratio (DPR) is 29.11%.

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.