Boston Partners Has $372.04 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Boston Partners significantly increased its holdings in Elevance Health by 241.3% in the first quarter, owning 856,737 shares valued at approximately $372 million.
• CEO Gail Boudreaux purchased 8,500 shares of the company's stock, increasing her ownership by 5.96%.
• Elevance Health reported quarterly earnings with $49.42 billion in revenue, slightly exceeding expectations, but earnings per share fell short of analysts' estimates.

Boston Partners grew its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 241.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 856,737 shares of the company's stock after acquiring an additional 605,689 shares during the quarter. Boston Partners owned approximately 0.38% of Elevance Health worth $372,039,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. raised its stake in Elevance Health by 6.7% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,516 shares of the company's stock worth $2,834,000 after acquiring an additional 410 shares during the period. National Pension Service boosted its position in Elevance Health by 7.6% during the 1st quarter. National Pension Service now owns 531,087 shares of the company's stock valued at $231,002,000 after purchasing an additional 37,473 shares during the period. LGT Fund Management Co Ltd. grew its stake in Elevance Health by 142.6% during the 1st quarter. LGT Fund Management Co Ltd. now owns 11,400 shares of the company's stock worth $4,959,000 after buying an additional 6,700 shares during the last quarter. Russell Investments Group Ltd. increased its position in Elevance Health by 9.2% in the first quarter. Russell Investments Group Ltd. now owns 584,323 shares of the company's stock worth $253,823,000 after buying an additional 49,129 shares during the period. Finally, Resona Asset Management Co. Ltd. lifted its stake in Elevance Health by 7.7% in the first quarter. Resona Asset Management Co. Ltd. now owns 82,148 shares of the company's stock valued at $35,696,000 after buying an additional 5,862 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Leerink Partnrs cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. reduced their price target on Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $478.00 price objective on shares of Elevance Health in a report on Wednesday, June 4th. Finally, Morgan Stanley decreased their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $413.81.

Elevance Health Stock Up 4.5%

NYSE:ELV traded up $13.43 during trading hours on Friday, hitting $308.86. 3,414,700 shares of the company's stock traded hands, compared to its average volume of 3,067,415. The stock's fifty day moving average price is $331.51 and its two-hundred day moving average price is $381.78. The firm has a market cap of $69.55 billion, a P/E ratio of 13.14, a P/E/G ratio of 1.08 and a beta of 0.58. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $567.26.

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

Elevance Health Dividend Announcement

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. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is currently 29.11%.

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.