Exchange Traded Concepts LLC Has $6.45 Million Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• Exchange Traded Concepts LLC increased its holdings in Elevance Health by 88.6% during the second quarter, now owning 16,585 shares valued at approximately $6.45 million.
• Institutional investors, including Nuveen LLC and Boston Partners, have significantly increased their stakes, leading to a total of 89.24% of Elevance Health's stock being owned by institutional investors.
• Elevance Health recently announced a quarterly dividend of $1.71 per share, resulting in an annualized yield of 2.2% and a payout ratio of 29.11%.

Exchange Traded Concepts LLC lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 88.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,585 shares of the company's stock after acquiring an additional 7,792 shares during the period. Exchange Traded Concepts LLC's holdings in Elevance Health were worth $6,451,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Fulton Bank N.A. grew its position in Elevance Health by 11.4% in the second quarter. Fulton Bank N.A. now owns 1,716 shares of the company's stock valued at $667,000 after purchasing an additional 176 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its stake in Elevance Health by 1.4% in the second quarter. NorthCrest Asset Manangement LLC now owns 34,319 shares of the company's stock valued at $13,349,000 after acquiring an additional 465 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Elevance Health by 129.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 63,353 shares of the company's stock valued at $24,642,000 after acquiring an additional 35,787 shares during the last quarter. Swedbank AB lifted its stake in Elevance Health by 12.1% in the second quarter. Swedbank AB now owns 351,635 shares of the company's stock valued at $136,772,000 after acquiring an additional 37,985 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new stake in Elevance Health in the second quarter valued at $345,000. Institutional investors own 89.24% of the company's stock.

Elevance Health Price Performance

Shares of ELV traded up $3.65 during mid-day trading on Tuesday, reaching $321.54. The company had a trading volume of 327,229 shares, compared to its average volume of 1,975,309. The company's 50 day simple moving average is $302.61 and its 200 day simple moving average is $366.74. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $534.74. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The company has a market capitalization of $72.40 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.15 and a beta of 0.59.

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 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 company had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same quarter in the previous year, the business posted $10.12 earnings per share. The company's revenue for the quarter was up 14.3% on a year-over-year basis. Analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Insider Buying and Selling

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan D. Devore bought 1,200 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% 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.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ELV. Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. UBS Group dropped their price objective on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research report on Friday, September 5th. Leerink Partners reaffirmed a "market perform" rating and set a $310.00 price target (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Guggenheim lowered their price target on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Finally, Barclays raised their price target on shares of Elevance Health from $327.00 to $373.00 and gave the stock an "overweight" rating in a research report on Thursday, September 4th. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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.