Fulcrum Asset Management LLP Reduces Stock Position in Elevance Health, Inc. $ELV

Key Points

• Fulcrum Asset Management cut its Elevance Health position by 80.6% in the second quarter, selling 4,186 shares and retaining 1,009 shares valued at approximately $392,000.
• Other institutional investors increased their holdings, and institutions and hedge funds collectively own 89.24% of Elevance Health shares.
• Elevance reported quarterly EPS of $7.45, exceeding estimates of $6.21, and revenue of $49.83 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $440.90, while the company declared a quarterly dividend of $1.72 per share.

Fulcrum Asset Management LLP cut its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 80.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,009 shares of the company's stock after selling 4,186 shares during the period. Fulcrum Asset Management LLP's holdings in Elevance Health were worth $392,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ELV. Sei Investments Co. raised its position in shares of Elevance Health by 7.7% during the 2nd quarter. Sei Investments Co. now owns 163,668 shares of the company's stock worth $63,666,000 after acquiring an additional 11,745 shares in the last quarter. Glenview Trust co raised its holdings in Elevance Health by 41.5% during the second quarter. Glenview Trust co now owns 1,619 shares of the company's stock worth $630,000 after purchasing an additional 475 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Elevance Health by 6.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company's stock worth $25,650,000 after buying an additional 4,272 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Elevance Health by 5.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company's stock valued at $16,478,000 after buying an additional 2,012 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in shares of Elevance Health by 111.8% in the 2nd quarter. Quantinno Capital Management LP now owns 43,911 shares of the company's stock valued at $17,080,000 after buying an additional 23,180 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Down 1.0%

ELV opened at $395.28 on Friday. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The business has a 50 day moving average price of $395.36 and a two-hundred day moving average price of $362.06. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market cap of $85.72 billion, a PE ratio of 17.57, a P/E/G ratio of 2.28 and a beta of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 previous year, the company posted $8.84 earnings per share. The company's revenue for the quarter was up .8% compared to the same quarter last year. As a group, research analysts anticipate that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Dividend Announcement

The company 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. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health's dividend payout ratio is currently 30.58%.

Analyst Ratings Changes

ELV has been the topic of a number of research analyst reports. Robert W. Baird lifted their target price on Elevance Health from $331.00 to $393.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. TD Cowen raised their price target on Elevance Health from $400.00 to $465.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Elevance Health in a research report on Thursday, August 13th. JPMorgan Chase & Co. boosted their price objective on Elevance Health from $411.00 to $476.00 and gave the company an "overweight" rating in a research note on Monday, June 8th. Finally, Bank of America increased their price objective on Elevance Health from $435.00 to $460.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $440.90.

Insider Buying and Selling

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares of the company's stock, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.34% of the stock is currently owned by insiders.

About Elevance Health

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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