Engineers Gate Manager LP Grows Position in Elevance Health, Inc. $ELV

Key Points

• Engineers Gate Manager LP increased its Elevance Health position by 133.7% in the second quarter, holding 34,285 shares valued at approximately $13.26 million. Institutional investors collectively own 89.24% of the company.
• Analysts maintain a generally positive outlook, with 15 Buy and eight Hold ratings. Elevance Health has an average rating of “Moderate Buy” and an average price target of $440.90.
• Elevance Health exceeded quarterly earnings expectations, reporting $7.45 in EPS and $49.83 billion in revenue. The company also declared a quarterly dividend of $1.72 per share, representing a 1.7% annualized yield.

Engineers Gate Manager LP boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 133.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,285 shares of the company's stock after acquiring an additional 19,612 shares during the quarter. Engineers Gate Manager LP's holdings in Elevance Health were worth $13,259,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Cidel Asset Management Inc. lifted its position in shares of Elevance Health by 7.4% during the 2nd quarter. Cidel Asset Management Inc. now owns 5,038 shares of the company's stock worth $1,948,000 after purchasing an additional 348 shares during the last quarter. Integrated Wealth Concepts LLC increased its holdings in Elevance Health by 11.5% in the second quarter. Integrated Wealth Concepts LLC now owns 3,586 shares of the company's stock valued at $1,387,000 after buying an additional 369 shares during the last quarter. RFG Advisory LLC increased its holdings in Elevance Health by 4.1% in the second quarter. RFG Advisory LLC now owns 2,046 shares of the company's stock valued at $791,000 after buying an additional 81 shares during the last quarter. Allworth Financial LP raised its stake in Elevance Health by 30.1% in the second quarter. Allworth Financial LP now owns 2,002 shares of the company's stock valued at $774,000 after buying an additional 463 shares in the last quarter. Finally, West Family Investments Inc. purchased a new stake in Elevance Health during the 2nd quarter worth about $330,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ELV. Mizuho raised their target price on Elevance Health from $435.00 to $465.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Cantor Fitzgerald increased their price target on shares of Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Wells Fargo & Company cut their price objective on shares of Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock in a report on Thursday, July 16th. Guggenheim boosted their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $395.00 target price on shares of Elevance Health in a report on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $416.58 on Friday. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24. The stock has a market capitalization of $90.34 billion, a price-to-earnings ratio of 18.51, a PEG ratio of 2.07 and a beta of 0.69. The company has a 50-day simple moving average of $397.04 and a 200-day simple moving average of $366.40. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $49.83 billion for the quarter, compared to analysts' expectations of $48.88 billion. During the same quarter in the previous year, the firm posted $8.84 EPS. The firm's revenue for the quarter was up .8% on a year-over-year basis. On average, analysts predict that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a dividend of $1.72 per share. 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 (DPR) is currently 30.58%.

Elevance Health Company Profile

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.

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