Elevance Health, Inc. $ELV Shares Purchased by Shell Asset Management Co.

Key Points

• Shell Asset Management Co. increased its stake in Elevance Health by 47.2%, adding 4,924 shares, bringing its total holdings to 15,350 shares valued at approximately $5.97 million.
• Elevance Health reported a quarterly earnings miss with $8.84 earnings per share, falling short of expectations, though revenue exceeded predictions at $49.42 billion.
• The company declared a quarterly dividend of $1.71 per share, yielding 2.0%, with an annualized dividend of $6.84.

Shell Asset Management Co. grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 47.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,350 shares of the company's stock after acquiring an additional 4,924 shares during the period. Shell Asset Management Co.'s holdings in Elevance Health were worth $5,971,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. GLOBALT Investments LLC GA lifted its stake in Elevance Health by 0.4% during the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after purchasing an additional 24 shares during the last quarter. Elser Financial Planning Inc lifted its position in shares of Elevance Health by 3.0% during the 1st quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after acquiring an additional 26 shares during the last quarter. Checchi Capital Advisers LLC lifted its position in shares of Elevance Health by 1.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after acquiring an additional 27 shares during the last quarter. Hemington Wealth Management grew its holdings in shares of Elevance Health by 13.3% in the 1st quarter. Hemington Wealth Management now owns 230 shares of the company's stock worth $100,000 after acquiring an additional 27 shares during the last quarter. Finally, Aspen Investment Management Inc raised its position in shares of Elevance Health by 2.6% during the first quarter. Aspen Investment Management Inc now owns 1,048 shares of the company's stock worth $456,000 after purchasing an additional 27 shares during the period. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $350.08 on Tuesday. 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, Inc. has a one year low of $273.71 and a one year high of $510.24. The business's 50-day moving average price is $309.26 and its two-hundred day moving average price is $360.14. The company has a market capitalization of $78.83 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 1.28 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). The firm had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period last year, the business earned $10.12 earnings per share. Analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

Insider Buying and Selling at Elevance Health

In related news, CEO Gail Boudreaux acquired 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, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of recent analyst reports. Truist Financial decreased their price target on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Leerink Partners reissued a "market perform" rating and issued a $310.00 target price (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Argus restated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley cut their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Twelve equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $411.06.

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.

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