Zurcher Kantonalbank Zurich Cantonalbank Acquires 4,559 Shares of Elevance Health, Inc. (NYSE:ELV)

Key Points

• Zurcher Kantonalbank increased its holdings in Elevance Health by 5.3%, now owning 90,588 shares, valued at approximately $39.4 million.
• Elevance Health's recent earnings report showed $8.84 per share, missing estimates, with quarterly revenue of $49.42 billion, a 14.3% increase from the previous year.
• The company announced a quarterly dividend of $1.71 per share, resulting in a 2.37% yield, with shareholders of record set to be paid on September 25th.

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 5.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 90,588 shares of the company's stock after purchasing an additional 4,559 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Elevance Health were worth $39,402,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ELV. Accredited Wealth Management LLC acquired a new position in Elevance Health in the 4th quarter worth $25,000. Private Wealth Management Group LLC lifted its position in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after buying an additional 38 shares in the last quarter. Riverview Trust Co lifted its position in Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after buying an additional 67 shares in the last quarter. North Capital Inc. bought a new stake in Elevance Health during the 1st quarter worth about $36,000. Finally, Orion Capital Management LLC bought a new stake in Elevance Health during the 4th quarter worth about $39,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a research 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. Argus reaffirmed a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Baird R W cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Finally, Leerink Partners reaffirmed a "market perform" rating and issued a $310.00 target price (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $418.19.

Elevance Health Price Performance

Shares of NYSE ELV traded down $6.07 during trading hours on Thursday, hitting $287.48. 1,263,245 shares of the stock were exchanged, compared to its average volume of 1,914,272. 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 company has a market cap of $64.74 billion, a PE ratio of 12.24, a price-to-earnings-growth ratio of 1.06 and a beta of 0.60. The company's fifty day simple moving average is $353.84 and its two-hundred day simple moving average is $390.66. Elevance Health, Inc. has a 1-year low of $274.40 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last posted 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 firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The business's revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $10.12 EPS. On average, sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed 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. This represents a $6.84 annualized dividend and a yield of 2.38%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is 29.11%.

Insider Buying and Selling

In related news, CEO Gail Boudreaux acquired 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by insiders.

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.