Empowered Funds LLC Has $6.70 Million Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• Empowered Funds LLC cut its Elevance Health position by 75.1% in the first quarter, selling 69,221 shares and retaining 22,901 shares worth approximately $6.70 million. Institutional investors collectively own 89.24% of the company.
• Analysts maintain a generally positive view, with 15 Buy ratings and eight Holds producing a consensus “Moderate Buy” rating and an average price target of $440.90, despite several firms lowering their targets.
• Elevance Health exceeded quarterly expectations with $7.45 in EPS on $49.83 billion in revenue, while declaring a $1.72 quarterly dividend, equivalent to a 1.7% yield and $6.88 annualized payout.

Empowered Funds LLC reduced its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 75.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,901 shares of the company's stock after selling 69,221 shares during the period. Empowered Funds LLC's holdings in Elevance Health were worth $6,704,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. DV Trading LLC raised its position in shares of Elevance Health by 244.3% during the first quarter. DV Trading LLC now owns 964 shares of the company's stock worth $282,000 after acquiring an additional 684 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Elevance Health by 21.4% in the first quarter. NewEdge Advisors LLC now owns 18,964 shares of the company's stock worth $5,552,000 after acquiring an additional 3,343 shares during the period. Axiom Investment Management LLC bought a new stake in Elevance Health in the first quarter valued at approximately $542,000. Groupama Asset Managment boosted its holdings in Elevance Health by 4.0% in the first quarter. Groupama Asset Managment now owns 8,757 shares of the company's stock valued at $2,564,000 after acquiring an additional 333 shares during the last quarter. Finally, Wellington Grp LLC increased its position in Elevance Health by 162.7% during the 1st quarter. Wellington Grp LLC now owns 704 shares of the company's stock valued at $206,000 after purchasing an additional 436 shares during the period. Institutional investors and hedge funds own 89.24% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Barclays lowered their price target on shares of Elevance Health from $480.00 to $457.00 and set an "overweight" rating for the company in a report on Thursday, July 16th. Wells Fargo & Company decreased their price objective on shares of Elevance Health from $492.00 to $473.00 and set an "overweight" rating for the company in a research report on Thursday, July 16th. Guggenheim lifted their target price on shares of Elevance Health from $399.00 to $455.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Weiss Ratings upgraded shares of Elevance Health from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 18th. Finally, Royal Bank Of Canada cut their price target on shares of Elevance Health from $439.00 to $424.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $440.90.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.34% of the stock is currently owned by company insiders.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $400.63 on Friday. The business has a 50-day simple moving average of $396.05 and a 200 day simple moving average of $358.15. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The firm has a market capitalization of $86.88 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.30 and a beta of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the prior year, the company earned $8.84 earnings per share. The company's quarterly revenue was up .8% on a year-over-year basis. On average, research analysts anticipate that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health's dividend payout ratio is 30.58%.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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