Elevance Health, Inc. $ELV is Eminence Capital LP's 4th Largest Position

Key Points

• Eminence Capital LP increased its stake in Elevance Health by 0.6%, owning 558,671 shares now valued at approximately $243 million, making it the company's 4th largest investment position.
• Elevance Health reported earnings of $8.84 per share for the last quarter, missing analysts' expectations, while revenue rose by 14.3% year-over-year to $49.42 billion.
• The company recently announced a quarterly dividend of $1.71, translating to an annual yield of 2.1% and a payout ratio of 29.11%.

Eminence Capital LP raised its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 0.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 558,671 shares of the company's stock after purchasing an additional 3,126 shares during the quarter. Elevance Health makes up about 4.0% of Eminence Capital LP's holdings, making the stock its 4th biggest holding. Eminence Capital LP owned about 0.25% of Elevance Health worth $243,000,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ELV. Private Wealth Management Group LLC increased its position in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares during the period. WPG Advisers LLC purchased a new position in Elevance Health during the 1st quarter valued at $29,000. Riverview Trust Co boosted its holdings in shares of Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after buying an additional 67 shares in the last quarter. North Capital Inc. bought a new stake in shares of Elevance Health during the 1st quarter valued at $36,000. Finally, Orion Capital Management LLC bought a new stake in shares of Elevance Health during the 4th quarter valued at $39,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The stock was purchased 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 of the company's stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the transaction, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $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. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Robert W. Baird dropped their target price on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Barclays boosted their target price on shares of Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a report on Thursday. Argus restated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. JPMorgan Chase & Co. dropped their target price on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Finally, Leerink Partners reiterated a "market perform" rating and issued a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Twelve investment 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 currently has an average rating of "Moderate Buy" and a consensus target price of $411.06.

Elevance Health Stock Performance

NYSE:ELV traded down $5.61 during mid-day trading on Monday, reaching $308.03. The company's stock had a trading volume of 2,005,377 shares, compared to its average volume of 1,976,108. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $559.95. The firm's fifty day moving average price is $312.04 and its two-hundred day moving average price is $373.20. 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 $69.36 billion, a P/E ratio of 13.11, a PEG ratio of 1.15 and a beta of 0.59.

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

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given 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 dividend yield of 2.2%. Elevance Health's dividend payout ratio is presently 29.11%.

Elevance Health Company 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.