Elevance Health, Inc. (NYSE:ELV) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC lifted its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 88.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,390 shares of the company's stock after acquiring an additional 1,588 shares during the period. GAMMA Investing LLC's holdings in Elevance Health were worth $1,475,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Milestone Asset Management LLC lifted its stake in shares of Elevance Health by 2.2% in the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock worth $488,000 after buying an additional 24 shares in the last quarter. Jacobi Capital Management LLC increased its stake in shares of Elevance Health by 3.2% in the 4th quarter. Jacobi Capital Management LLC now owns 882 shares of the company's stock worth $325,000 after purchasing an additional 27 shares in the last quarter. McLean Asset Management Corp grew its holdings in Elevance Health by 2.3% during the first quarter. McLean Asset Management Corp now owns 1,439 shares of the company's stock valued at $620,000 after purchasing an additional 32 shares during the period. Forum Financial Management LP increased its position in Elevance Health by 1.2% in the fourth quarter. Forum Financial Management LP now owns 2,860 shares of the company's stock worth $1,055,000 after buying an additional 34 shares in the last quarter. Finally, Horizon Investments LLC raised its stake in shares of Elevance Health by 1.0% in the fourth quarter. Horizon Investments LLC now owns 3,852 shares of the company's stock worth $1,421,000 after buying an additional 40 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer directly owned 18,977 shares of the company's stock, valued at $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.29% of the company's stock.

Elevance Health Stock Up 1.8%

Shares of ELV stock traded up $7.02 during mid-day trading on Tuesday, hitting $395.98. 579,669 shares of the stock traded hands, compared to its average volume of 1,578,734. Elevance Health, Inc. has a 52-week low of $357.45 and a 52-week high of $567.26. The stock has a market cap of $89.46 billion, a P/E ratio of 15.45, a P/E/G ratio of 0.97 and a beta of 0.60. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. The stock's fifty day moving average is $392.66 and its two-hundred day moving average is $398.83.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. The company had revenue of $48.77 billion during the quarter, compared to analysts' expectations of $46.26 billion. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. Equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.73%. The ex-dividend date was Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.69%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ELV shares. Mizuho boosted their price objective on Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Robert W. Baird restated a "neutral" rating and set a $529.00 price target (down previously from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Barclays dropped their price objective on shares of Elevance Health from $522.00 to $480.00 and set an "overweight" rating for the company in a research note on Monday, June 2nd. Baird R W downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $478.00 price objective on shares of Elevance Health in a report on Wednesday, June 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $498.87.

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.