University of Texas Texas AM Investment Management Co. Has $6.46 Million Holdings in Elevance Health, Inc. (NYSE:ELV)

Key Points

• The University of Texas Texas AM Investment Management Co. increased its stake in Elevance Health by 82.7%, owning 14,860 shares valued at approximately $6.46 million after acquiring additional shares in the first quarter.
• Elevance Health's stock price opened at $289.11, with the company recently reporting a 14.3% revenue increase year-over-year, though it missed earnings estimates by ($0.46).
• The company will pay a quarterly dividend of $1.71 on September 25th, with stockholders of record receiving this payment, resulting in an annualized yield of 2.37%.

University of Texas Texas AM Investment Management Co. boosted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 82.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,860 shares of the company's stock after purchasing an additional 6,728 shares during the period. Elevance Health comprises 1.1% of University of Texas Texas AM Investment Management Co.'s portfolio, making the stock its 17th largest position. University of Texas Texas AM Investment Management Co.'s holdings in Elevance Health were worth $6,464,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in shares of Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock worth $2,344,556,000 after purchasing an additional 1,893,947 shares during the last quarter. GAMMA Investing LLC lifted its stake in Elevance Health by 81,726.5% in the first quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock valued at $641,355,000 after buying an additional 1,472,712 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in Elevance Health in the fourth quarter valued at $294,751,000. Price T Rowe Associates Inc. MD lifted its position in Elevance Health by 4.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock valued at $3,917,004,000 after purchasing an additional 464,137 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Elevance Health by 48.7% in the 4th quarter. First Trust Advisors LP now owns 1,267,396 shares of the company's stock valued at $467,542,000 after purchasing an additional 414,989 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ELV shares. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a report on Wednesday, June 4th. Baird R W cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Guggenheim cut their price objective on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Morgan Stanley cut their price objective 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. Finally, Barclays dropped their price target on shares of Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $418.19.

Insider Buying and Selling

In other news, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

Elevance Health Stock Down 2.9%

ELV stock traded down $8.44 during mid-day trading on Thursday, hitting $285.11. 1,443,613 shares of the company were exchanged, compared to its average volume of 1,915,967. The firm has a market cap of $64.20 billion, a P/E ratio of 12.13, a P/E/G ratio of 1.06 and a beta of 0.60. Elevance Health, Inc. has a 1-year low of $274.40 and a 1-year high of $567.26. The firm's 50 day simple moving average is $353.84 and its 200 day simple moving average is $390.66. 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 (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm's quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.12 earnings per share. On average, sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid 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 2.40%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.

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.