Harvest Fund Management Co. Ltd Invests $579,000 in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Harvest Fund Management Co. Ltd acquired 1,330 shares of Elevance Health, valued at approximately $579,000, as part of their investment strategy in the 1st quarter.
• The CEO, Gail Boudreaux, purchased 8,500 shares at an average cost of $286.94, raising her total ownership to 151,020 shares, valued at around $43.33 million.
• Elevance Health's recent quarterly earnings showed a net revenue increase of 14.3% year-over-year, with an EPS of $8.84, missing the consensus estimate by $0.46.

Harvest Fund Management Co. Ltd purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,330 shares of the company's stock, valued at approximately $579,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Accredited Wealth Management LLC acquired a new position in Elevance Health in the 4th quarter valued at about $25,000. Private Wealth Management Group LLC boosted its holdings in Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares during the last quarter. Riverview Trust Co boosted its holdings in Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares during the last quarter. North Capital Inc. acquired a new position in Elevance Health in the 1st quarter valued at about $36,000. Finally, Orion Capital Management LLC acquired a new position in Elevance Health in the 4th quarter valued at about $39,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ELV shares. 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. Cantor Fitzgerald restated an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Robert W. Baird decreased 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 Partners restated a "market perform" rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Finally, Wells Fargo & Company decreased their price objective on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus target price of $418.19.

Elevance Health Stock Down 3.2%

Shares of NYSE:ELV traded down $8.98 during trading hours on Friday, reaching $274.10. The stock had a trading volume of 3,380,911 shares, compared to its average volume of 3,027,049. Elevance Health, Inc. has a 1 year low of $273.84 and a 1 year high of $567.26. The firm's 50 day moving average is $349.86 and its 200-day moving average is $389.05. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market capitalization of $61.72 billion, a price-to-earnings ratio of 11.66, a P/E/G ratio of 1.04 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the prior year, the company posted $10.12 earnings per share. Research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared 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. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.5%. Elevance Health's dividend payout ratio is currently 29.11%.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

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.