Kovitz Investment Group Partners LLC Has $14.20 Million Stake in Elevance Health, Inc. $ELV

Key Points

• Kovitz Investment Group Partners LLC significantly increased its position in Elevance Health by 144.2% during the first quarter, owning 32,640 shares valued at approximately $14.2 million.
• Several institutional investors, including Nuveen LLC and Boston Partners, also revealed substantial investments and increases in their stakes in Elevance Health during the same period, highlighting strong interest in the stock.
• Elevance Health reported earnings per share (EPS) of $8.84 for the last quarter, missing estimates, despite achieving revenue of $49.42 billion, a 14.3% increase compared to the same quarter the previous year.

Kovitz Investment Group Partners LLC lifted its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 144.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,640 shares of the company's stock after purchasing an additional 19,275 shares during the period. Kovitz Investment Group Partners LLC's holdings in Elevance Health were worth $14,197,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Accredited Wealth Management LLC bought a new position in Elevance Health during the 4th quarter worth $25,000. Private Wealth Management Group LLC grew its stake in shares of Elevance Health by 152.0% in the first 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 in the last quarter. Riverview Trust Co grew its stake in shares of Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after acquiring an additional 67 shares in the last quarter. North Capital Inc. bought a new position in Elevance Health during the first quarter worth about $36,000. Finally, Orion Capital Management LLC acquired a new stake in Elevance Health in the 4th quarter worth about $39,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Price Performance

Shares of Elevance Health stock traded down $1.3310 during midday trading on Wednesday, hitting $310.6690. 2,134,644 shares of the company traded hands, compared to its average volume of 2,721,708. The firm's fifty day moving average price is $327.09 and its 200-day moving average price is $379.97. The stock has a market cap of $69.96 billion, a price-to-earnings ratio of 13.22, a PEG 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 12 month low of $273.71 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced 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). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter in the previous year, the company posted $10.12 earnings per share. The firm's revenue was up 14.3% on a year-over-year basis. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

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 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 presently 29.11%.

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The shares were bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the acquisition, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.29% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on ELV. UBS Group restated a "buy" rating and set a $484.00 target price (down previously from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Argus reiterated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Barclays reduced their price target on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. Guggenheim lowered their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Finally, Wells Fargo & Company cut their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and an average target price of $413.81.

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.