Korea Investment CORP Has $67.92 Million Stake in Elevance Health, Inc. $ELV

Key Points

• Korea Investment CORP increased its holdings in Elevance Health, Inc. by 0.6% during the first quarter, owning approximately 0.07% of the company worth $67,922,000 after acquiring an additional 932 shares.
• Wall Street analysts have revised price targets for Elevance Health, with Morgan Stanley lowering theirs from $428 to $316, while the stock currently has a consensus rating of "Moderate Buy" with a target price of $413.81.
• The company reported $8.84 earnings per share for the last quarter, missing estimates, but had a quarterly revenue of $49.42 billion, reflecting a year-over-year increase of 14.3%.

Korea Investment CORP raised its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 0.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,156 shares of the company's stock after acquiring an additional 932 shares during the period. Korea Investment CORP owned approximately 0.07% of Elevance Health worth $67,922,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Milestone Asset Management LLC boosted its holdings in Elevance Health by 2.2% during the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after acquiring an additional 24 shares during the period. GLOBALT Investments LLC GA boosted its holdings in Elevance Health by 0.4% during the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after acquiring an additional 24 shares during the period. Elser Financial Planning Inc boosted its holdings in Elevance Health by 3.0% during the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after acquiring an additional 26 shares during the period. Checchi Capital Advisers LLC boosted its holdings in Elevance Health by 1.0% during the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after acquiring an additional 27 shares during the period. Finally, Hemington Wealth Management raised its position in shares of Elevance Health by 13.3% during the first quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after buying an additional 27 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ELV shares. Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Argus reaffirmed a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Robert W. Baird cut their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. UBS Group reaffirmed a "buy" rating and set a $484.00 price objective (down previously from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Finally, Guggenheim cut their price objective on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $413.81.

Elevance Health Price Performance

NYSE:ELV traded up $6.2370 during mid-day trading on Friday, hitting $315.8370. The company's stock had a trading volume of 2,961,044 shares, compared to its average volume of 2,567,187. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $567.26. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $71.12 billion, a price-to-earnings ratio of 13.44, a P/E/G ratio of 1.13 and a beta of 0.58. The stock has a fifty day moving average of $324.18 and a 200-day moving average of $378.71.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.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 company earned $10.12 EPS. The business's revenue for the quarter was up 14.3% on a year-over-year basis. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS 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 given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is 29.11%.

Insider Activity

In other news, Director Susan D. Devore acquired 1,200 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was bought at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gail Boudreaux acquired 8,500 shares of the company'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 acquisition, the chief executive officer owned 151,020 shares of the company's stock, 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.

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.