Generate Investment Management Ltd Buys 60,963 Shares of Elevance Health, Inc. $ELV

Key Points

• Generate Investment Management Ltd increased its stake in Elevance Health by 164.4%, acquiring an additional 60,963 shares, bringing its total holding to 98,052 shares.
• Analyst ratings for Elevance Health show a consensus "Moderate Buy" with a price target range from $360.00 to $473.00 as several analysts adjusted their ratings recently.
• The company's latest quarterly earnings reported an earnings per share (EPS) of $8.84, which was below analysts' expectations, despite a 14.3% year-over-year revenue growth to $49.42 billion.

Generate Investment Management Ltd grew its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 164.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 98,052 shares of the company's stock after buying an additional 60,963 shares during the quarter. Elevance Health accounts for 2.1% of Generate Investment Management Ltd's investment portfolio, making the stock its 13th biggest position. Generate Investment Management Ltd's holdings in Elevance Health were worth $38,138,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Elevance Health by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock valued at $9,635,281,000 after purchasing an additional 666,534 shares during the last quarter. Orbis Allan Gray Ltd increased its stake in shares of Elevance Health by 31.4% during the first quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company's stock valued at $1,239,276,000 after buying an additional 680,228 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Elevance Health by 13.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company's stock worth $1,164,041,000 after purchasing an additional 324,040 shares in the last quarter. Invesco Ltd. lifted its holdings in Elevance Health by 1.2% in the first quarter. Invesco Ltd. now owns 2,116,289 shares of the company's stock worth $920,501,000 after buying an additional 24,833 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in shares of Elevance Health by 1.5% during the first quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company's stock valued at $845,394,000 after purchasing an additional 29,174 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Barclays upped their price objective on shares of Elevance Health from $327.00 to $373.00 and gave the stock an "overweight" rating in a report on Thursday, September 4th. JPMorgan Chase & Co. reduced their price objective on Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. UBS Group dropped their price target on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research note on Friday, September 5th. Guggenheim reduced their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a report on Friday, July 18th. Finally, Argus restated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $411.06.

Insider Activity at Elevance Health

In related news, Director Susan D. Devore purchased 1,200 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares of the company's stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction on Friday, July 18th. The stock was bought at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by insiders.

Elevance Health Stock Up 0.5%

NYSE:ELV opened at $318.13 on Monday. The company's 50-day simple moving average is $303.14 and its 200-day simple moving average is $364.10. 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 fifty-two week low of $273.71 and a fifty-two week high of $528.52. The stock has a market capitalization of $71.64 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.17 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analyst estimates of $48.26 billion. During the same period in the previous year, the company posted $10.12 earnings per share. The business's revenue for the quarter was up 14.3% on a year-over-year basis. On average, equities analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were paid a $1.71 dividend. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. Elevance Health's dividend payout ratio (DPR) is 29.11%.

About Elevance Health

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.

Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.