LGT Fund Management Co Ltd. Acquires 6,700 Shares of Elevance Health, Inc. (NYSE:ELV)

Key Points

• LGT Fund Management Co Ltd. increased its stake in Elevance Health by 142.6% during the first quarter, acquiring an additional 6,700 shares to reach a total of 11,400 shares valued at approximately $4.96 million.
• Elevance Health reported a miss in earnings, posting $8.84 per share compared to expectations of $9.30, while its revenue of $49.42 billion exceeded estimates of $48.26 billion.
• The company also declared a quarterly dividend of $1.71 per share, which will be distributed to shareholders on September 25th, reflecting an annualized yield of 2.4%.

LGT Fund Management Co Ltd. grew its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 142.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,400 shares of the company's stock after acquiring an additional 6,700 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Elevance Health were worth $4,959,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Private Wealth Management Group LLC increased its holdings 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 worth $27,000 after acquiring an additional 38 shares in the last quarter. Accredited Wealth Management LLC bought a new position in shares of Elevance Health during the fourth quarter worth about $25,000. Riverview Trust Co grew its holdings in shares of Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after buying an additional 67 shares in the last quarter. North Capital Inc. bought a new position in shares of Elevance Health during the first quarter worth about $36,000. Finally, Berbice Capital Management LLC bought a new position in shares of Elevance Health during the first quarter worth about $43,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

NYSE:ELV opened at $290.80 on Tuesday. The stock has a market cap of $65.48 billion, a P/E ratio of 12.37, a PEG ratio of 1.08 and a beta of 0.58. The stock has a 50 day simple moving average of $338.45 and a 200 day simple moving average of $384.51. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). The company had revenue of $49.42 billion during 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 was up 14.3% on a year-over-year basis. During the same period in the prior year, the firm earned $10.12 earnings per share. Research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.4%. Elevance Health's payout ratio is currently 29.11%.

Insiders Place Their Bets

In related news, CEO Gail Boudreaux acquired 8,500 shares of the company's stock in a transaction on Friday, July 18th. The stock was 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 directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ELV shares. Leerink Partners reiterated a "market perform" rating and set a $310.00 price objective (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. UBS Group reissued a "buy" rating and set a $484.00 price target (down from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Barclays reduced their price target on Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Cantor Fitzgerald reissued an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. reduced their price target on Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $418.19.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.