Fiduciary Family Office LLC Buys New Shares in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Fiduciary Family Office LLC acquired 1,426 shares of Elevance Health, Inc. valued at approximately $620,000 in the 1st quarter of the year, as disclosed in a recent Form 13F filing.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health for about $2.44 million, increasing her position in the company by 5.96%.
• Elevance Health reported Q2 earnings of $8.84 per share, missing analyst expectations, while revenues were up 14.3% year-over-year at $49.42 billion.

Fiduciary Family Office LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,426 shares of the company's stock, valued at approximately $620,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Covestor Ltd increased its stake in Elevance Health by 29.8% in the first quarter. Covestor Ltd now owns 649 shares of the company's stock valued at $282,000 after acquiring an additional 149 shares during the last quarter. Frank Rimerman Advisors LLC increased its stake in Elevance Health by 21.4% in the first quarter. Frank Rimerman Advisors LLC now owns 3,641 shares of the company's stock valued at $1,584,000 after acquiring an additional 643 shares during the last quarter. Koss Olinger Consulting LLC bought a new position in Elevance Health in the first quarter valued at approximately $232,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Elevance Health in the first quarter valued at approximately $2,116,000. Finally, Zions Bancorporation National Association UT bought a new position in Elevance Health in the first quarter valued at approximately $131,000. 89.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. 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. Truist Financial cut their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Leerink Partners restated a "market perform" rating and issued a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Wells Fargo & Company cut their target price on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Finally, Robert W. Baird cut their target price on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $418.19.

Elevance Health Trading Down 1.1%

Shares of NYSE:ELV traded down $3.19 during mid-day trading on Monday, reaching $290.80. 1,650,155 shares of the company's stock were exchanged, compared to its average volume of 3,341,940. The firm has a market capitalization of $65.48 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.08 and a beta of 0.58. The business's fifty day moving average price is $338.45 and its 200-day moving average price is $384.51. 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, Inc. has a twelve month low of $273.71 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The business 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%. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the firm posted $10.12 EPS. On average, research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.4%. Elevance Health's payout ratio is presently 29.11%.

Insider Transactions at Elevance Health

In other news, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.29% of the stock is currently owned by insiders.

Elevance Health 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.