Elevance Health, Inc. $ELV Position Boosted by Copperleaf Capital LLC

Key Points

• Copperleaf Capital LLC increased its stake in Elevance Health, Inc. by 72.9%, now holding a total of 3,872 shares valued at approximately $1.68 million.
• Elevance Health recently reported quarterly earnings of $8.84 per share, which fell short of analysts' expectations by $0.46, but revenue was up 14.3% year-over-year at $49.42 billion.
• The company announced a quarterly dividend of $1.71 per share, with a yield of 2.1%, to be paid on September 25th to investors of record on September 10th.

Copperleaf Capital LLC grew its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 72.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,872 shares of the company's stock after purchasing an additional 1,633 shares during the period. Elevance Health makes up approximately 1.0% of Copperleaf Capital LLC's holdings, making the stock its 27th largest holding. Copperleaf Capital LLC's holdings in Elevance Health were worth $1,684,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. AQR Capital Management LLC grew its stake in Elevance Health by 53.6% during the first quarter. AQR Capital Management LLC now owns 643,172 shares of the company's stock worth $279,754,000 after buying an additional 224,536 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Elevance Health by 84.3% during the 1st quarter. Advisors Asset Management Inc. now owns 23,799 shares of the company's stock valued at $10,352,000 after acquiring an additional 10,887 shares in the last quarter. 683 Capital Management LLC acquired a new position in shares of Elevance Health during the 1st quarter valued at $11,744,000. Adage Capital Partners GP L.L.C. boosted its position in Elevance Health by 9.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 106,163 shares of the company's stock worth $46,177,000 after purchasing an additional 9,534 shares during the period. Finally, Rench Wealth Management Inc. increased its holdings in Elevance Health by 2.1% in the 1st quarter. Rench Wealth Management Inc. now owns 10,127 shares of the company's stock valued at $4,405,000 after purchasing an additional 204 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Stock Down 1.8%

Shares of NYSE:ELV traded down $5.61 during midday trading on Monday, reaching $308.03. The company had a trading volume of 2,005,379 shares, compared to its average volume of 1,975,969. The stock has a market capitalization of $69.36 billion, a P/E ratio of 13.11, a PEG ratio of 1.15 and a beta of 0.59. The stock's fifty day moving average price is $312.04 and its 200-day moving average price is $373.20. 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, Inc. has a one year low of $273.71 and a one year high of $559.95.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same quarter last year, the business posted $10.12 earnings per share. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. 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 declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 29.11%.

Analysts Set New Price Targets

A number of brokerages have commented on ELV. Barclays boosted their price objective on Elevance Health from $327.00 to $373.00 and gave the stock an "overweight" rating in a research note on Thursday. Guggenheim reduced their price target on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Wall Street Zen downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Finally, Argus restated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $411.06.

Insider Buying and Selling at Elevance Health

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

About Elevance Health

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.