Goldman Sachs Group Inc. Purchases 22,073 Shares of Elevance Health, Inc. (NYSE:ELV)

Key Points

• Goldman Sachs Group Inc. increased its stake in Elevance Health by 1.7%, owning 1,302,603 shares valued at approximately $566.58 million during the first quarter.
• CEO Gail Boudreaux purchased 8,500 shares at $286.94 each, increasing her total holdings to 151,020 shares valued at about $43.33 million.
• Elevance Health reported a quarterly revenue of $49.42 billion, surpassing estimates, but missed earnings expectations with $8.84 per share compared to the forecast of $9.30.

Goldman Sachs Group Inc. lifted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 1.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,302,603 shares of the company's stock after purchasing an additional 22,073 shares during the period. Goldman Sachs Group Inc. owned 0.58% of Elevance Health worth $566,580,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Bank of Nova Scotia lifted its position in Elevance Health by 183.0% during the 4th quarter. Bank of Nova Scotia now owns 134,160 shares of the company's stock worth $49,492,000 after acquiring an additional 86,758 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Elevance Health during the 4th quarter worth $45,365,000. Greenland Capital Management LP acquired a new position in Elevance Health during the 4th quarter worth $259,000. Texas Yale Capital Corp. lifted its position in Elevance Health by 9.8% during the 4th quarter. Texas Yale Capital Corp. now owns 1,175 shares of the company's stock worth $433,000 after acquiring an additional 105 shares during the last quarter. Finally, APG Asset Management US Inc. lifted its position in Elevance Health by 57.6% during the 4th quarter. APG Asset Management US Inc. now owns 4,792 shares of the company's stock worth $1,768,000 after acquiring an additional 1,752 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Activity

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average cost 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 of the company's stock, valued at approximately $43,333,678.80. This represents a 5.96% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.29% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on ELV. Truist Financial cut their target price on shares of 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 dropped their price objective on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Robert W. Baird dropped their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Leerink Partnrs downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Finally, Wall Street Zen downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $418.19.

Elevance Health Price Performance

Shares of ELV stock traded up $10.85 during trading hours on Friday, reaching $294.33. 2,405,015 shares of the company were exchanged, compared to its average volume of 3,306,601. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $567.26. The stock's fifty day moving average is $340.17 and its two-hundred day moving average is $385.42. The company has a market cap of $66.28 billion, a price-to-earnings ratio of 12.52, a P/E/G ratio of 1.04 and a beta of 0.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44.

Elevance Health (NYSE:ELV - Get Free Report) last announced its 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 company had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same quarter in the previous year, the company posted $10.12 earnings per share. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. Sell-side analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 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.