KLP Kapitalforvaltning AS Grows Holdings in Elevance Health, Inc. $ELV

Key Points

• KLP Kapitalforvaltning AS increased its holdings in Elevance Health, Inc. by 4.0% in Q2, bringing its total shares to 85,678, valued at $33.3 million.
• Despite strong revenues of $49.42 billion in the last quarter, Elevance Health missed earnings per share expectations, reporting $8.84 against a forecast of $9.30.
• Elevance Health declared a quarterly dividend of $1.71 per share, resulting in an annualized yield of approximately 1.9%.

KLP Kapitalforvaltning AS boosted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 4.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,678 shares of the company's stock after purchasing an additional 3,300 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Elevance Health were worth $33,325,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. CWA Asset Management Group LLC acquired a new position in Elevance Health in the 1st quarter valued at $299,000. Focus Partners Wealth increased its stake in Elevance Health by 4.6% in the 1st quarter. Focus Partners Wealth now owns 22,446 shares of the company's stock valued at $9,764,000 after buying an additional 982 shares during the period. Dynamic Advisor Solutions LLC increased its stake in Elevance Health by 11.3% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company's stock valued at $3,125,000 after buying an additional 817 shares during the period. GAMMA Investing LLC increased 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 buying an additional 1,588 shares during the period. Finally, Asio Capital LLC increased its stake in Elevance Health by 7.1% in the 2nd quarter. Asio Capital LLC now owns 15,371 shares of the company's stock valued at $5,979,000 after buying an additional 1,015 shares during the period. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Price Performance

Elevance Health stock opened at $357.52 on Wednesday. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $510.24. 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's 50-day simple moving average is $310.64 and its 200 day simple moving average is $360.12. The firm has a market capitalization of $80.51 billion, a PE ratio of 15.21, a P/E/G ratio of 1.28 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 earnings per share (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%. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the company posted $10.12 earnings per share. On average, equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 29.11%.

Insider Activity

In other Elevance Health news, Director Susan D. Devore bought 1,200 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average price 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 $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following 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. Corporate insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on ELV shares. Robert W. Baird dropped their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Morgan Stanley dropped their price objective on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Leerink Partnrs cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Leerink Partners reaffirmed a "market perform" rating and set a $310.00 price target (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Elevance Health has an average rating of "Moderate Buy" and an average price target of $416.19.

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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