Nuveen LLC Acquires Shares of 1,816,128 Elevance Health, Inc. (NYSE:ELV)

Key Points

• Nuveen LLC has acquired a new stake in Elevance Health, Inc., purchasing 1,816,128 shares valued at approximately $789.9 million, which accounts for about 0.80% of the company's stock.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health at an average price of $286.94 per share, increasing her ownership in the company by 5.96%.
• Despite achieving a revenue growth of 14.3% year-over-year, Elevance Health missed earnings expectations for the quarter, reporting $8.84 EPS against a consensus estimate of $9.30.

Nuveen LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,816,128 shares of the company's stock, valued at approximately $789,943,000. Nuveen LLC owned about 0.80% of Elevance Health at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Accredited Wealth Management LLC purchased a new stake in Elevance Health during the fourth quarter valued at about $25,000. Private Wealth Management Group LLC lifted its position in Elevance Health by 152.0% during the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after buying an additional 38 shares in the last quarter. Riverview Trust Co lifted its position in Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after buying an additional 67 shares in the last quarter. North Capital Inc. acquired a new position in shares of Elevance Health during the first quarter worth $36,000. Finally, Orion Capital Management LLC acquired a new position in shares of Elevance Health during the fourth quarter worth $39,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction on Friday, July 18th. The stock was bought 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 $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 SEC, which is available through this hyperlink. Insiders own 0.29% of the company's stock.

Elevance Health Price Performance

ELV stock traded up $2.09 during trading on Tuesday, hitting $292.88. The company had a trading volume of 129,700 shares, compared to its average volume of 1,944,179. The firm has a market capitalization of $65.95 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.08 and a beta of 0.58. The business has a 50 day moving average of $338.45 and a 200 day moving average of $384.51. 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.

Elevance Health (NYSE:ELV - Get Free Report) last posted 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 return on equity of 17.59% and a net margin of 2.83%. The business's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the previous year, the company earned $10.12 EPS. As a group, research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared 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. This represents a $6.84 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 29.11%.

Analyst Ratings Changes

A number of brokerages recently issued reports on ELV. Wells Fargo & Company dropped their price target on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Morgan Stanley dropped their price target on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Guggenheim dropped their price target 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. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $418.19.

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.