Adage Capital Partners GP L.L.C. Increases Stake in Elevance Health, Inc. $ELV

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Elevance Health by 9.9%, holding 106,163 shares worth approximately $46.2 million after an additional purchase of 9,534 shares.
• Several institutional investors, including Vanguard Group and Orbis Allan Gray, have also boosted their stakes, with 89.24% of Elevance Health's stock now owned by institutional investors and hedge funds.
• The stock has seen a 52-week low of $273.71 and a high of $562.11, currently trading at around $321.29 with a projected earnings per share of 33.96 for the current year.

Adage Capital Partners GP L.L.C. increased its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 9.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 106,163 shares of the company's stock after buying an additional 9,534 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Elevance Health were worth $46,177,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ELV. Captrust Financial Advisors increased its stake in shares of Elevance Health by 5.7% during the fourth quarter. Captrust Financial Advisors now owns 41,180 shares of the company's stock valued at $15,191,000 after buying an additional 2,206 shares during the period. Brevan Howard Capital Management LP grew its stake in Elevance Health by 86.2% in the fourth quarter. Brevan Howard Capital Management LP now owns 5,548 shares of the company's stock valued at $2,047,000 after purchasing an additional 2,568 shares during the last quarter. Crestline Management LP grew its stake in Elevance Health by 135.0% in the fourth quarter. Crestline Management LP now owns 2,966 shares of the company's stock valued at $1,094,000 after purchasing an additional 1,704 shares during the last quarter. CoreCap Advisors LLC grew its stake in Elevance Health by 289.4% in the fourth quarter. CoreCap Advisors LLC now owns 331 shares of the company's stock valued at $122,000 after purchasing an additional 246 shares during the last quarter. Finally, Eminence Capital LP grew its stake in Elevance Health by 140.5% in the fourth quarter. Eminence Capital LP now owns 555,545 shares of the company's stock valued at $204,941,000 after purchasing an additional 324,511 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

Shares of Elevance Health stock traded up $6.75 on Tuesday, reaching $314.91. 578,434 shares of the stock were exchanged, compared to its average volume of 1,967,723. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $559.95. The firm has a market capitalization of $70.91 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.15 and a beta of 0.59. The business has a 50 day moving average price of $310.41 and a two-hundred day moving average price of $372.67.

Elevance Health (NYSE:ELV - Get Free Report) last released 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 return on equity of 17.59% and a net margin of 2.83%.The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same period last year, the firm earned $10.12 EPS. The company's revenue for the quarter was up 14.3% compared to the same quarter last year. Analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. Elevance Health's payout ratio is 29.11%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ELV. Barclays lifted their target price on Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a research note on Thursday, September 4th. Argus reiterated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Guggenheim cut their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Leerink Partners reiterated a "market perform" rating and issued a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Finally, Wells Fargo & Company cut their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, August 15th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $411.06.

Insider Transactions at Elevance Health

In other news, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, the chief executive officer directly owned 151,020 shares of the company's stock, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan D. Devore bought 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 acquisition, the director directly owned 3,502 shares of the company's stock, valued at approximately $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. Insiders own 0.29% of the company's stock.

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.