Castellan Group Raises Stock Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Castellan Group significantly increased its stake in Elevance Health by 98.6%, owning a total of 11,362 shares worth approximately $4.94 million at the end of the first quarter.
• Analysts have mixed views on Elevance Health, with Morgan Stanley lowering their price target to $316 while Royal Bank of Canada maintains a target of $478, reflecting a consensus average rating of "Moderate Buy".
• The company has announced a quarterly dividend of $1.71, which will be paid on September 25th, representing an annualized dividend yield of 2.4%.

Castellan Group boosted its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 98.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,362 shares of the company's stock after acquiring an additional 5,642 shares during the quarter. Elevance Health accounts for approximately 1.4% of Castellan Group's investment portfolio, making the stock its 28th biggest holding. Castellan Group's holdings in Elevance Health were worth $4,942,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ELV. CWA Asset Management Group LLC acquired a new stake in Elevance Health during the first quarter worth about $299,000. GAMMA Investing LLC grew its stake in Elevance Health by 88.1% during the first quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after buying an additional 1,588 shares in the last quarter. Ritholtz Wealth Management grew its stake in Elevance Health by 185.7% during the first quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after buying an additional 2,004 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in Elevance Health by 15.7% during the first quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock worth $2,922,000 after buying an additional 913 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Elevance Health by 36.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after buying an additional 7,410 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Price Performance

Shares of ELV traded up $2.78 during midday trading on Tuesday, hitting $277.71. 995,270 shares of the company traded hands, compared to its average volume of 1,942,322. The stock has a 50-day moving average of $347.91 and a 200-day moving average of $388.32. Elevance Health, Inc. has a one year low of $273.84 and a one year high of $567.26. The firm has a market cap of $62.54 billion, a P/E ratio of 11.80, a PEG ratio of 1.01 and a beta of 0.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results 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). The company had revenue of $49.42 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company earned $10.12 earnings per share. As a group, sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS 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. Shareholders of record on Wednesday, September 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.5%. Elevance Health's dividend payout ratio is currently 29.11%.

Insider Transactions at Elevance Health

In other news, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were bought at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, 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 purchase was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ELV has been the topic of a number of analyst reports. Mizuho increased their price objective on shares of Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. UBS Group restated a "buy" rating and issued a $484.00 price target (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. 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. Guggenheim cut 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. Finally, Wall Street Zen downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $418.19.

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.