Livforsakringsbolaget Skandia Omsesidigt Grows Position in Elevance Health, Inc. $ELV

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its stake in Elevance Health, Inc. by 19.6%, acquiring an additional 5,500 shares, bringing its total holdings to 33,536 shares valued at approximately $13.04 million.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock, increasing her ownership by 5.96%, while Director Susan D. Devore also acquired 1,200 shares, marking a 52.13% increase in her ownership.
• Despite strong revenue growth, Elevance Health recently reported lower-than-expected earnings of $8.84 per share, missing analysts’ estimates by $0.46.

Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 19.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,536 shares of the company's stock after buying an additional 5,500 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Elevance Health were worth $13,044,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Tidal Investments LLC grew its position in Elevance Health by 40.7% during the 4th quarter. Tidal Investments LLC now owns 14,757 shares of the company's stock worth $5,444,000 after purchasing an additional 4,272 shares during the last quarter. Two Sigma Investments LP grew its position in Elevance Health by 247.7% during the 4th quarter. Two Sigma Investments LP now owns 501,494 shares of the company's stock worth $185,001,000 after purchasing an additional 357,257 shares during the last quarter. Two Sigma Advisers LP grew its position in Elevance Health by 1,448.2% during the 4th quarter. Two Sigma Advisers LP now owns 257,000 shares of the company's stock worth $94,807,000 after purchasing an additional 240,400 shares during the last quarter. Triglav Skladi D.O.O. purchased a new position in Elevance Health during the 4th quarter worth $1,837,000. Finally, Vident Advisory LLC grew its position in Elevance Health by 335.4% during the 4th quarter. Vident Advisory LLC now owns 43,454 shares of the company's stock worth $16,030,000 after purchasing an additional 33,473 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ELV has been the topic of several research reports. Barclays raised their price objective on shares of Elevance Health from $327.00 to $373.00 and gave the stock an "overweight" rating in a research report on Thursday, September 4th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, August 15th. Guggenheim reduced their target price on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Truist Financial reduced their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Finally, Leerink Partners restated a "market perform" rating and issued a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Elevance Health has an average rating of "Moderate Buy" and an average target price of $411.06.

Insider Activity

In other Elevance Health news, CEO Gail Boudreaux bought 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, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Susan D. Devore bought 1,200 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were acquired 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 directly owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company's stock.

Elevance Health Price Performance

Shares of NYSE ELV traded down $1.87 during midday trading on Friday, hitting $313.90. The company had a trading volume of 3,015,351 shares, compared to its average volume of 1,942,901. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $542.22. The business has a 50-day simple moving average of $303.03 and a two-hundred day simple moving average of $367.83. The firm has a market capitalization of $70.68 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same quarter last year, the business earned $10.12 EPS. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. Equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is 29.11%.

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.