Elevance Health, Inc. (NYSE:ELV) Shares Bought by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its stake in Elevance Health, Inc. by 2.0% to 71,500 shares, valued at approximately $31.10 million, according to recent SEC filings.
• Several institutional investors, including Mitsubishi UFJ Asset Management and Charles Schwab Investment Management, have significantly increased their holdings in Elevance Health, which now has an institutional ownership of 89.24%.
• Despite a missed earnings estimate for the recent quarter, Elevance Health announced a quarterly dividend of $1.71 per share, reflecting a strong annualized yield of 2.4%.

Forsta AP Fonden grew its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,500 shares of the company's stock after purchasing an additional 1,400 shares during the period. Forsta AP Fonden's holdings in Elevance Health were worth $31,100,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. Milestone Asset Management LLC increased its holdings in Elevance Health by 2.2% in the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock worth $488,000 after acquiring an additional 24 shares in the last quarter. GLOBALT Investments LLC GA boosted its stake in Elevance Health by 0.4% during the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock worth $2,743,000 after buying an additional 24 shares during the period. Elser Financial Planning Inc lifted its position in shares of Elevance Health by 3.0% during the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock worth $384,000 after purchasing an additional 26 shares in the last quarter. Checchi Capital Advisers LLC lifted its holdings in Elevance Health by 1.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock worth $1,190,000 after buying an additional 27 shares in the last quarter. Finally, Hemington Wealth Management lifted its holdings in Elevance Health by 13.3% during the 1st quarter. Hemington Wealth Management now owns 230 shares of the company's stock worth $100,000 after buying an additional 27 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Up 3.8%

Shares of NYSE ELV traded up $10.85 during trading on Friday, reaching $294.33. 2,405,015 shares of the stock were exchanged, compared to its average volume of 3,306,601. The company has a market capitalization of $66.28 billion, a price-to-earnings ratio of 12.52, a price-to-earnings-growth ratio of 1.08 and a beta of 0.58. The business's 50-day moving average price is $340.17 and its 200 day moving average price is $385.39. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. 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 posted its quarterly earnings data 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). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The business had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the prior year, the firm earned $10.12 earnings per share. Elevance Health's revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal 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 dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 29.11%.

Analyst Ratings Changes

Several brokerages recently weighed in on ELV. UBS Group reaffirmed a "buy" rating and issued a $484.00 target price (down previously from $555.00) on shares of Elevance Health in a report on Monday, July 14th. Robert W. Baird reduced their target price on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Truist Financial cut their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Guggenheim decreased their price target on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $418.19.

Insider Buying and Selling

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction on Friday, July 18th. The stock was bought at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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.