Bessemer Group Inc. Has $1.26 Million Holdings in Elevance Health, Inc. $ELV

Key Points

• Bessemer Group Inc. cut its stake in Elevance Health by 97% in the first quarter, selling 138,897 shares and ending with 4,297 shares valued at about $1.26 million.
• Elevance Health reported strong quarterly earnings, posting $7.45 per share versus the $6.21 analyst estimate, while revenue came in at $49.83 billion. The company also said revenue rose 0.8% year over year.
• The company declared a quarterly dividend of $1.72 per share, payable September 25, implying an annualized yield of about 1.8%. Analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $440.90.

Bessemer Group Inc. lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 97.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,297 shares of the company's stock after selling 138,897 shares during the quarter. Bessemer Group Inc.'s holdings in Elevance Health were worth $1,258,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of ELV. Bank of New York Mellon Corp grew its stake in Elevance Health by 18.1% during the first quarter. Bank of New York Mellon Corp now owns 2,845,280 shares of the company's stock worth $832,956,000 after buying an additional 436,576 shares during the last quarter. Signet Financial Management LLC raised its stake in shares of Elevance Health by 3.5% in the first quarter. Signet Financial Management LLC now owns 837 shares of the company's stock valued at $245,000 after acquiring an additional 28 shares during the last quarter. Checchi Capital Advisers LLC boosted its holdings in shares of Elevance Health by 11.3% in the 1st quarter. Checchi Capital Advisers LLC now owns 2,194 shares of the company's stock worth $642,000 after acquiring an additional 222 shares in the last quarter. AMG National Trust Bank boosted its holdings in shares of Elevance Health by 84.7% in the 1st quarter. AMG National Trust Bank now owns 7,300 shares of the company's stock worth $2,137,000 after acquiring an additional 3,348 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in Elevance Health by 36.8% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,480 shares of the company's stock worth $726,000 after acquiring an additional 667 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Stock Down 2.7%

Shares of ELV opened at $378.48 on Friday. The business's fifty day moving average price is $399.00 and its two-hundred day moving average price is $356.37. The firm has a market capitalization of $82.08 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 2.24 and a beta of 0.67. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $436.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

Elevance Health (NYSE:ELV - Get Free Report) last released its 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 company had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm's quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.84 earnings per share. On average, analysts predict that Elevance Health, Inc. will post 27.08 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced 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 is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.8%. Elevance Health's dividend payout ratio is presently 30.58%.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director owned 10,734 shares of the company's stock, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on ELV. UBS Group lifted their price objective on Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a research report on Friday, May 22nd. The Goldman Sachs Group restated a "neutral" rating and set a $395.00 target price on shares of Elevance Health in a report on Thursday, July 16th. TD Cowen lifted their price target on Elevance Health from $400.00 to $465.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Jefferies Financial Group reduced their price target on shares of Elevance Health from $395.00 to $391.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Finally, Citigroup raised shares of Elevance Health to a "buy" rating in a report on Wednesday, April 29th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Elevance Health has a consensus rating of "Moderate Buy" and an average target price of $440.90.

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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