Baupost Group LLC MA Makes New $107 Million Investment in Elevance Health, Inc. $ELV

Key Points

• Baupost Group LLC MA has purchased 246,000 shares of Elevance Health, Inc. valued at approximately $107 million, making it the 12th largest position in its portfolio.
• Several hedge funds have recently adjusted their holdings in Elevance Health, with 89.24% of the stock now owned by institutional investors.
• Elevance Health announced a quarterly dividend of $1.71 to be paid on September 25th, representing an annualized yield of 2.2%.

Baupost Group LLC MA acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 246,000 shares of the company's stock, valued at approximately $107,000,000. Elevance Health accounts for about 3.1% of Baupost Group LLC MA's investment portfolio, making the stock its 12th largest holding. Baupost Group LLC MA owned approximately 0.11% of Elevance Health as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Milestone Asset Management LLC lifted its holdings in Elevance Health by 2.2% during the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock worth $488,000 after purchasing an additional 24 shares during the last quarter. GLOBALT Investments LLC GA grew its position in Elevance Health by 0.4% during the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock worth $2,743,000 after buying an additional 24 shares in the last quarter. Elser Financial Planning Inc grew 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 worth $384,000 after buying an additional 26 shares in the last quarter. Checchi Capital Advisers LLC grew 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 worth $1,190,000 after buying an additional 27 shares in the last quarter. Finally, Hemington Wealth Management grew its position in Elevance Health by 13.3% during the first quarter. Hemington Wealth Management now owns 230 shares of the company's stock worth $100,000 after buying an additional 27 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Trading Down 1.3%

Shares of ELV stock traded down $4.11 during mid-day trading on Tuesday, hitting $309.89. The company's stock had a trading volume of 1,843,408 shares, compared to its average volume of 2,413,302. The company's fifty day simple moving average is $321.63 and its 200-day simple moving average is $377.46. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $567.26. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The company has a market cap of $69.78 billion, a PE ratio of 13.19, a P/E/G ratio of 1.15 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The business had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same period last year, the business posted $10.12 earnings per share. The business's revenue was up 14.3% on a year-over-year basis. As a group, equities research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ELV shares. Truist Financial reduced their price target on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Guggenheim cut their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. JPMorgan Chase & Co. cut their price objective on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Barclays cut their price objective on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Finally, Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $413.81.

Insider Transactions at Elevance Health

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

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.