EdgePoint Investment Group Inc. trimmed its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 19.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,294,560 shares of the company's stock after selling 306,957 shares during the period. Elevance Health accounts for approximately 4.6% of EdgePoint Investment Group Inc.'s investment portfolio, making the stock its 11th biggest holding. EdgePoint Investment Group Inc. owned about 0.57% of Elevance Health worth $563,082,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in ELV. Captrust Financial Advisors increased its position in shares of Elevance Health by 5.7% in the 4th quarter. Captrust Financial Advisors now owns 41,180 shares of the company's stock valued at $15,191,000 after acquiring an additional 2,206 shares during the period. Brevan Howard Capital Management LP increased its position in shares of Elevance Health by 86.2% in the 4th quarter. Brevan Howard Capital Management LP now owns 5,548 shares of the company's stock valued at $2,047,000 after acquiring an additional 2,568 shares during the period. Crestline Management LP increased its position in shares of Elevance Health by 135.0% in the 4th quarter. Crestline Management LP now owns 2,966 shares of the company's stock valued at $1,094,000 after acquiring an additional 1,704 shares during the period. CoreCap Advisors LLC increased its position in shares of Elevance Health by 289.4% in the 4th quarter. CoreCap Advisors LLC now owns 331 shares of the company's stock valued at $122,000 after acquiring an additional 246 shares during the period. Finally, Eminence Capital LP increased its position in shares of Elevance Health by 140.5% in the 4th quarter. Eminence Capital LP now owns 555,545 shares of the company's stock valued at $204,941,000 after acquiring an additional 324,511 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Barclays increased their price target on Elevance Health from $327.00 to $373.00 and gave the stock an "overweight" rating in a research report on Thursday. Truist Financial cut their price target on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Robert W. Baird cut their price target on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Finally, Morgan Stanley cut their price target on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $411.06.
View Our Latest Stock Report on ELV
Insider Transactions at Elevance Health
In related news, Director Susan D. Devore purchased 1,200 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the purchase, the director owned 3,502 shares of the company's stock, valued at $1,093,149.30. This represents a 52.13% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was bought 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 position. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company's stock.
Elevance Health Price Performance
Shares of NYSE:ELV traded down $5.61 during trading on Monday, reaching $308.03. 2,005,377 shares of the company's stock traded hands, compared to its average volume of 1,976,108. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $559.95. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm has a market cap of $69.36 billion, a PE ratio of 13.11, a P/E/G ratio of 1.15 and a beta of 0.59. The company has a 50-day simple moving average of $312.04 and a 200-day simple moving average of $373.20.
Elevance Health (NYSE:ELV - Get Free Report) last posted its 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 net margin of 2.83% and a return on equity of 17.59%. The business had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same quarter last year, the business earned $10.12 earnings per share. Elevance Health's revenue was up 14.3% on a year-over-year basis. As a group, analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.
Elevance Health Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors 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 dividend on an annualized basis and a yield of 2.2%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.
Elevance Health Company Profile
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Free Report)
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.
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