Elevance Health, Inc. $ELV is Orbis Allan Gray Ltd's 3rd Largest Position

Key Points

• Orbis Allan Gray Ltd increased its stake in Elevance Health, Inc. by 31.4%, now holding approximately 2,849,173 shares valued at $1.24 billion, making it the investor's third largest position.
• Insiders, including Director Susan D. Devore and CEO Gail Boudreaux, have recently made significant purchases of Elevance Health shares, indicating confidence in the company's future performance.
• Despite a missed earnings estimate in its last quarterly report, Elevance Health reported a 14.3% year-over-year revenue increase, highlighting ongoing growth potential.

Orbis Allan Gray Ltd boosted its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 31.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,849,173 shares of the company's stock after acquiring an additional 680,228 shares during the period. Elevance Health accounts for approximately 7.1% of Orbis Allan Gray Ltd's holdings, making the stock its 3rd biggest holding. Orbis Allan Gray Ltd owned 1.26% of Elevance Health worth $1,239,276,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Elevance Health by 3.1% in the first quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock valued at $9,635,281,000 after acquiring an additional 666,534 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Elevance Health by 9.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,352,163 shares of the company's stock valued at $867,713,000 after buying an additional 199,550 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Elevance Health by 1.2% during the 1st quarter. Invesco Ltd. now owns 2,116,289 shares of the company's stock valued at $920,501,000 after buying an additional 24,833 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Elevance Health by 1.5% during the 1st quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company's stock valued at $845,394,000 after buying an additional 29,174 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Elevance Health during the 1st quarter valued at $789,943,000. Institutional investors own 89.24% of the company's stock.

Insider Transactions at Elevance Health

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 currently owned by insiders.

Analysts Set New Price Targets

ELV has been the topic of a number of research reports. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. 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. Truist Financial dropped their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. UBS Group restated a "buy" rating and set a $484.00 target price (down previously from $555.00) on shares of Elevance Health in a report on Monday, July 14th. 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 analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $413.81.

Elevance Health Stock Performance

NYSE:ELV traded down $1.04 during mid-day trading on Wednesday, reaching $321.29. The company's stock had a trading volume of 1,638,638 shares, compared to its average volume of 1,968,250. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $562.11. The firm's fifty day moving average price is $315.76 and its two-hundred day moving average price is $374.86. 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 $72.35 billion, a P/E ratio of 13.67, a PEG ratio of 1.17 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given 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 2.1%. Elevance Health's payout ratio is 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.