ICONIQ Capital LLC Invests $552,000 in Elevance Health, Inc. $ELV

Key Points

• ICONIQ Capital LLC invested $552,000 in Elevance Health, acquiring 1,270 shares during the first quarter, highlighting growing institutional interest in the company.
• Recent insider transactions included Director Susan D. Devore buying 1,200 shares and CEO Gail Boudreaux purchasing 8,500 shares, indicating confidence from leadership in the company's future.
• Analysts have set varied price targets for Elevance Health, with Guggenheim and Barclays lowering their targets while Royal Bank of Canada maintained a positive outlook, reflecting differing views on the stock's valuation.

ICONIQ Capital LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,270 shares of the company's stock, valued at approximately $552,000.

Several other institutional investors also recently added to or reduced their stakes in ELV. Integrated Wealth Concepts LLC increased its position in Elevance Health by 7.7% during the fourth quarter. Integrated Wealth Concepts LLC now owns 4,045 shares of the company's stock worth $1,492,000 after buying an additional 289 shares during the period. Northern Trust Corp increased its position in Elevance Health by 16.5% during the fourth quarter. Northern Trust Corp now owns 2,449,028 shares of the company's stock worth $903,446,000 after buying an additional 346,557 shares during the period. AQR Capital Management LLC increased its position in Elevance Health by 19.5% during the fourth quarter. AQR Capital Management LLC now owns 418,636 shares of the company's stock worth $154,435,000 after buying an additional 68,392 shares during the period. Utah Retirement Systems increased its position in Elevance Health by 0.5% during the fourth quarter. Utah Retirement Systems now owns 38,650 shares of the company's stock worth $14,258,000 after buying an additional 200 shares during the period. Finally, Voleon Capital Management LP acquired a new position in Elevance Health during the fourth quarter worth approximately $2,668,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Buying and Selling at Elevance Health

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on ELV. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Guggenheim dropped their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Barclays dropped their price objective on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $478.00 price objective on shares of Elevance Health in a report on Wednesday, June 4th. Finally, Robert W. Baird dropped their price objective on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $413.81.

Elevance Health Stock Up 2.0%

ELV opened at $315.8370 on Monday. The business's fifty day moving average is $324.18 and its two-hundred day moving average is $378.47. 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 company has a market cap of $71.12 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 1.16 and a beta of 0.58. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $8.84 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 firm 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 posted $10.12 earnings per share. The firm's revenue for the quarter was up 14.3% compared to the same quarter last year. Analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed 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 is Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 29.11%.

Elevance Health Company Profile

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.

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