Ieq Capital LLC Boosts Holdings in Elevance Health, Inc. $ELV

Key Points

• Ieq Capital LLC significantly increased its holdings in Elevance Health by 287.6% during the first quarter, acquiring an additional 21,660 shares to reach a total of 29,191 shares valued at approximately $12.7 million.
• CEO Gail Boudreaux and Director Susan D. Devore both made substantial stock purchases, increasing their respective positions by 5.96% and 52.13%, indicating confidence in the company's future.
• Analysts have mixed views on Elevance Health, with recent target price revisions ranging from a decrease to $330.00 by Wells Fargo to a hold rating from Wall Street Zen, while still maintaining a consensus average target price of $413.81.

Ieq Capital LLC boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 287.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,191 shares of the company's stock after buying an additional 21,660 shares during the period. Ieq Capital LLC's holdings in Elevance Health were worth $12,697,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. CWA Asset Management Group LLC acquired a new stake in Elevance Health in the first quarter valued at $299,000. GAMMA Investing LLC raised its stake in Elevance Health by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock valued at $1,475,000 after purchasing an additional 1,588 shares during the last quarter. Ritholtz Wealth Management grew its holdings in Elevance Health by 185.7% in the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock valued at $1,341,000 after buying an additional 2,004 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Elevance Health by 15.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock valued at $2,922,000 after buying an additional 913 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Elevance Health by 36.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock valued at $11,991,000 after buying an additional 7,410 shares during the period. Institutional investors and hedge funds own 89.24% of the company's stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

ELV has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a report on Tuesday, July 22nd. Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. UBS Group reiterated a "buy" rating and set a $484.00 target price (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Truist Financial reduced their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company reduced their price objective on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, August 15th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $413.81.

Elevance Health Price Performance

Shares of ELV opened at $309.55 on Thursday. The firm has a market capitalization of $69.71 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 1.14 and a beta of 0.58. 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 one year low of $273.71 and a one year high of $567.26. The stock's fifty day moving average is $320.31 and its 200-day moving average is $376.99.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly 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). The business had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period last year, the business posted $10.12 earnings per share. Equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is 29.11%.

Elevance Health 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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