Neo Ivy Capital Management Has $2.66 Million Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Neo Ivy Capital Management significantly increased its investment in Elevance Health, growing its position by 526.1% in the first quarter, now holding shares worth approximately $2.66 million.
• Analyst ratings for Elevance Health are mixed, with 12 buy ratings, 7 hold ratings, and a target price range from $297 to $485.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health for around $2.44 million, increasing her ownership by nearly 6% as of July 18th.

Neo Ivy Capital Management grew its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 526.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,104 shares of the company's stock after buying an additional 5,129 shares during the quarter. Elevance Health makes up about 0.8% of Neo Ivy Capital Management's investment portfolio, making the stock its 24th biggest position. Neo Ivy Capital Management's holdings in Elevance Health were worth $2,655,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Milestone Asset Management LLC increased its stake in Elevance Health by 2.2% in the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after purchasing an additional 24 shares in the last quarter. Elser Financial Planning Inc grew its position in shares of Elevance Health by 3.0% in 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 period. Checchi Capital Advisers LLC grew its position in shares of Elevance Health by 1.0% in 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 period. Prudent Man Advisors LLC grew its position in shares of Elevance Health by 2.3% in the 1st quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company's stock valued at $547,000 after acquiring an additional 28 shares during the period. Finally, Barlow Wealth Partners Inc. lifted its stake in shares of Elevance Health by 1.3% during the 1st quarter. Barlow Wealth Partners Inc. now owns 2,280 shares of the company's stock worth $961,000 after buying an additional 30 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ELV. UBS Group reiterated a "buy" rating and issued a $484.00 price objective (down previously from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Robert W. Baird dropped their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research note on Friday. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research note on Tuesday. 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 data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $418.19.

Insiders Place Their Bets

In other news, CEO Gail Boudreaux purchased 8,500 shares of the company's stock in a transaction dated Friday, July 18th. The shares were purchased at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

Elevance Health Price Performance

Shares of Elevance Health stock traded up $8.68 during midday trading on Friday, hitting $289.11. 4,807,740 shares of the company traded hands, compared to its average volume of 2,861,243. The stock has a market cap of $65.10 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.03 and a beta of 0.60. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The firm's fifty day moving average price is $360.79 and its 200-day moving average price is $392.58. Elevance Health, Inc. has a 12 month low of $274.40 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last posted 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 for the quarter, compared to the consensus estimate of $48.26 billion. During the same period in the previous year, the firm earned $10.12 earnings per share. The company's revenue was up 14.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current 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 issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is 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.