Eagle Global Advisors LLC Acquires 2,461 Shares of Elevance Health, Inc. (NYSE:ELV)

Key Points

• Eagle Global Advisors LLC increased its stake in Elevance Health by 4.8%, acquiring an additional 2,461 shares, bringing its total ownership to 53,248 shares valued at approximately $23 million.
• Elevance Health reported Q2 earnings of $8.84 per share, missing estimates, while revenue reached $49.42 billion, exceeding expectations by about $1.2 billion.
• The company announced a quarterly dividend of $1.71 per share, reflecting a 2.3% yield and a payout ratio of 29.11%, with the dividend set to be paid on September 25th.

Eagle Global Advisors LLC grew its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 4.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,248 shares of the company's stock after buying an additional 2,461 shares during the quarter. Elevance Health makes up 1.0% of Eagle Global Advisors LLC's portfolio, making the stock its 24th biggest holding. Eagle Global Advisors LLC's holdings in Elevance Health were worth $23,161,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in Elevance Health by 3.1% in the first quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock worth $9,635,281,000 after buying an additional 666,534 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Elevance Health by 4.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock worth $3,917,004,000 after buying an additional 464,137 shares in the last quarter. Sanders Capital LLC increased its position in Elevance Health by 1.7% in the fourth quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock worth $1,728,722,000 after buying an additional 76,896 shares in the last quarter. Capital International Investors increased its position in Elevance Health by 0.9% in the fourth quarter. Capital International Investors now owns 3,880,630 shares of the company's stock worth $1,431,559,000 after buying an additional 35,576 shares in the last quarter. Finally, Northern Trust Corp increased its position in Elevance Health by 16.5% in the fourth quarter. Northern Trust Corp now owns 2,449,028 shares of the company's stock worth $903,446,000 after buying an additional 346,557 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

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 stock was purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the purchase, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

Elevance Health Trading Up 0.5%

Shares of NYSE:ELV traded up $1.57 during trading on Tuesday, hitting $292.36. The company had a trading volume of 1,522,528 shares, compared to its average volume of 3,341,808. The stock has a market cap of $65.83 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.07 and a beta of 0.58. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $567.26. The company has a fifty day simple moving average of $336.72 and a two-hundred day simple moving average of $383.87. 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 posted its quarterly earnings data 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). The company had revenue of $49.42 billion during 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%. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the business earned $10.12 earnings per share. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Wall Street Analyst Weigh In

ELV has been the subject of a number of analyst reports. Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Argus reiterated a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Barclays cut their target price on Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Cantor Fitzgerald reiterated an "overweight" rating and set a $485.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, Leerink Partners reiterated a "market perform" rating and set a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $418.19.

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.