Cinctive Capital Management LP Buys New Stake in Elevance Health, Inc. $ELV

Key Points

• Cinctive Capital Management LP has made a new investment of approximately $7.09 million in Elevance Health by acquiring 16,293 shares of the company.
• Several large investors, including Vanguard and Orbis Allan Gray, have increased their positions in Elevance Health, with institutional ownership now at 89.24%.
• Elevance Health recently announced a quarterly dividend of $1.71 per share, representing an annualized dividend yield of 2.1%.

Cinctive Capital Management LP bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 16,293 shares of the company's stock, valued at approximately $7,087,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Private Wealth Management Group LLC increased its stake in Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after acquiring an additional 38 shares during the last quarter. WPG Advisers LLC bought a new position in shares of Elevance Health in the first quarter worth approximately $29,000. Riverview Trust Co raised its stake in 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 purchasing an additional 67 shares in the last quarter. North Capital Inc. bought a new stake in Elevance Health during the first quarter valued at approximately $36,000. Finally, Orion Capital Management LLC purchased a new position in Elevance Health in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Buying and Selling at Elevance Health

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

Elevance Health Trading Up 2.3%

Elevance Health stock traded up $7.11 during trading hours on Tuesday, reaching $315.27. The stock had a trading volume of 919,201 shares, compared to its average volume of 1,969,408. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market cap of $70.99 billion, a PE ratio of 13.42, a PEG ratio of 1.15 and a beta of 0.59. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $559.95. The company has a fifty day simple moving average of $310.41 and a 200-day simple moving average of $372.67.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) 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 company had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the prior year, the firm earned $10.12 EPS. Elevance Health's revenue for the quarter was up 14.3% compared to the same quarter last year. Analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company 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 of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's payout ratio is currently 29.11%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, August 15th. Royal Bank Of Canada restated an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a research report on Wednesday, June 4th. Truist Financial cut their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Finally, Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Elevance Health has an average rating of "Moderate Buy" and a consensus target price of $411.06.

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.