Elevance Health, Inc. $ELV Shares Bought by Gotham Asset Management LLC

Key Points

• Gotham Asset Management LLC increased its stake in Elevance Health, Inc. by 31.8%, acquiring an additional 17,050 shares, bringing its total holdings to 70,736 shares valued at approximately $30.77 million.
• Elevance Health recently reported earnings of $8.84 per share, falling short of estimates, despite a 14.3% year-over-year revenue increase to $49.42 billion.
• The company is set to pay a quarterly dividend of $1.71 per share on September 25th, representing an annualized yield of 2.2%.

Gotham Asset Management LLC raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 31.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 70,736 shares of the company's stock after purchasing an additional 17,050 shares during the quarter. Elevance Health accounts for 0.3% of Gotham Asset Management LLC's portfolio, making the stock its 22nd biggest position. Gotham Asset Management LLC's holdings in Elevance Health were worth $30,767,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Private Wealth Management Group LLC grew its stake in shares of Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after acquiring an additional 38 shares during the last quarter. WPG Advisers LLC bought a new position in Elevance Health in the first quarter valued at about $29,000. Riverview Trust Co lifted its holdings in Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after acquiring an additional 67 shares during the period. North Capital Inc. bought a new position in shares of Elevance Health in the first quarter worth about $36,000. Finally, Orion Capital Management LLC bought a new position in shares of Elevance Health in the fourth quarter worth about $39,000. Institutional investors own 89.24% of the company's stock.

Insider Buying and Selling at Elevance Health

In related news, Director Susan D. Devore purchased 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Guggenheim decreased their target price 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. Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a report on Wednesday, June 4th. Argus reiterated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Finally, Truist Financial dropped their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and an average price target of $411.06.

Elevance Health Trading Up 2.4%

ELV traded up $7.29 during trading hours on Tuesday, reaching $315.45. 1,880,440 shares of the company's stock traded hands, compared to its average volume of 1,975,551. The firm has a 50-day moving average price of $310.41 and a 200 day moving average price of $372.67. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $559.95. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $71.03 billion, a PE ratio of 13.42, a PEG ratio of 1.15 and a beta of 0.59.

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 analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. 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 previous year, the firm earned $10.12 EPS. Elevance Health's revenue was up 14.3% compared to the same quarter last year. As a group, sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's 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.