Empowered Funds LLC Has $7.11 Million Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• Empowered Funds LLC reduced its stake in Elevance Health, Inc. by 73.6% in the first quarter, holding 16,355 shares worth approximately $7.11 million after selling a significant number of shares.
• The company reported $8.84 earnings per share for the latest quarter, falling short of the consensus estimate of $9.30, while revenues increased by 14.3% year-over-year to $49.42 billion.
• Elevance Health declared a quarterly dividend of $1.71 per share, with an anticipated yield of 2.2%, payable to investors on record as of September 10th.

Empowered Funds LLC reduced its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 73.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,355 shares of the company's stock after selling 45,517 shares during the period. Empowered Funds LLC's holdings in Elevance Health were worth $7,114,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Private Wealth Management Group LLC raised its stake 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 during the period. WPG Advisers LLC bought a new stake in shares of Elevance Health during the first quarter valued at approximately $29,000. Riverview Trust Co raised its position in shares of Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after purchasing an additional 67 shares during the period. North Capital Inc. bought a new position in shares of Elevance Health in the 1st quarter worth $36,000. Finally, Orion Capital Management LLC acquired a new stake in Elevance Health in the 4th quarter valued at $39,000. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

ELV stock opened at $307.01 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm has a market cap of $69.13 billion, a PE ratio of 13.06, a P/E/G ratio of 1.15 and a beta of 0.59. The business has a 50 day moving average of $307.94 and a 200-day moving average of $371.82. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $559.95.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share 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 analysts' expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the prior year, the firm posted $10.12 EPS. As a group, sell-side analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

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 given a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's dividend payout ratio is presently 29.11%.

Insider Transactions at Elevance Health

In related news, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The shares were bought at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Company insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. 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. Truist Financial lowered their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. UBS Group cut their price target on Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a research note on Friday, September 5th. Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Finally, Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $411.06.

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.

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