CCM Investment Group LLC Invests $4.63 Million in Elevance Health, Inc. (NYSE:ELV)

Key Points

• CCM Investment Group LLC has taken a new position in Elevance Health, Inc. by acquiring 10,706 shares valued at approximately $4.63 million.
• Elevance Health recently reported earnings of $8.84 per share, falling short of analysts' expectations, while its revenue rose to $49.42 billion for the quarter.
• The company declared a quarterly dividend of $1.71 per share, providing an annualized yield of 2.3% to investors.

CCM Investment Group LLC acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 10,706 shares of the company's stock, valued at approximately $4,625,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Accredited Wealth Management LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at about $25,000. Private Wealth Management Group LLC raised its holdings in shares of Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. Riverview Trust Co raised its holdings in shares of Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after acquiring an additional 67 shares in the last quarter. North Capital Inc. bought a new stake in shares of Elevance Health in the first quarter valued at about $36,000. Finally, Orion Capital Management LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at about $39,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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 shares were purchased at an average cost of $286.94 per share, for a total transaction 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ELV. Wells Fargo & Company decreased their price objective on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Leerink Partners reissued a "market perform" rating and issued a $310.00 price target (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Guggenheim reduced their price target on Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Royal Bank Of Canada reissued an "outperform" rating and issued a $478.00 price target on shares of Elevance Health in a research report on Wednesday, June 4th. Finally, 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 research report on Friday, July 25th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $418.19.

Elevance Health Stock Performance

Shares of Elevance Health stock traded up $2.09 on Tuesday, hitting $292.88. The stock had a trading volume of 129,700 shares, compared to its average volume of 1,944,179. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $567.26. 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 stock has a market cap of $65.95 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.08 and a beta of 0.58. The company's 50 day moving average price is $338.45 and its 200 day moving average price is $384.51.

Elevance Health (NYSE:ELV - Get Free Report) last released 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). The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The company's quarterly revenue was up 14.3% on a year-over-year basis. During the same period last year, the firm earned $10.12 EPS. On average, research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders 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 dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is 29.11%.

Elevance Health 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.