IFM Investors Pty Ltd Boosts Stock Position in Elevance Health, Inc. $ELV

Key Points

• IFM Investors Pty Ltd increased its stake in Elevance Health by 2.5%, now owning 48,354 shares valued at approximately $18.8 million.
• Elevance Health reported $8.84 earnings per share for the last quarter, missing estimates and showing a year-over-year revenue increase of 14.3% to $49.42 billion.
• The company is set to pay a quarterly dividend of $1.71 on September 25, 2023, representing an annualized yield of 2.2%.

IFM Investors Pty Ltd boosted its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 2.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,354 shares of the company's stock after acquiring an additional 1,197 shares during the period. IFM Investors Pty Ltd's holdings in Elevance Health were worth $18,808,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ELV. Private Wealth Management Group LLC increased its position 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 acquiring an additional 38 shares during the period. WPG Advisers LLC acquired a new position in Elevance Health in the 1st quarter valued at $29,000. Riverview Trust Co increased its stake 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 buying an additional 67 shares during the period. North Capital Inc. acquired a new position in Elevance Health in the 1st quarter valued at $36,000. Finally, Orion Capital Management LLC acquired a new position in Elevance Health in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ELV. Leerink Partners reissued a "market perform" rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. 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 research note on Friday, July 18th. Barclays boosted their price objective on shares of Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a research note on Thursday, September 4th. Wells Fargo & Company decreased their price target 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. Finally, Robert W. Baird reduced their target price on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a report on Friday, July 25th. 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, Elevance Health presently has a consensus rating of "Moderate Buy" and a consensus price target of $411.06.

Elevance Health Price Performance

Elevance Health stock traded down $1.87 during midday trading on Friday, reaching $313.90. The company's stock had a trading volume of 3,015,351 shares, compared to its average volume of 1,942,901. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $542.22. 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's 50 day simple moving average is $303.03 and its 200 day simple moving average is $367.63. The firm has a market capitalization of $70.68 billion, a PE ratio of 13.36, a P/E/G ratio of 1.15 and a beta of 0.59.

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

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. 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 29.11%.

Insider Buying and Selling at Elevance Health

In other news, Director Susan D. Devore purchased 1,200 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average price 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 $1,093,149.30. This represents a 52.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, with a total value 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. The trade was a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

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.