Pzena Investment Management LLC Acquires 16,296 Shares of Elevance Health, Inc. $ELV

Key Points

• Pzena Investment Management LLC increased its holdings in Elevance Health by 8.1% during the second quarter, acquiring 16,296 shares for a total of 217,276 shares valued at approximately $84.5 million.
• Elevance Health reported revenues of $49.42 billion for the quarter, surpassing analysts' expectations, although its earnings per share missed estimates by $0.46.
• The company recently declared a quarterly dividend of $1.71, representing an annualized dividend of $6.84 with a yield of 1.9%.

Pzena Investment Management LLC increased its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 8.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 217,276 shares of the company's stock after purchasing an additional 16,296 shares during the quarter. Pzena Investment Management LLC owned approximately 0.10% of Elevance Health worth $84,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. CWA Asset Management Group LLC bought a new stake in shares of Elevance Health in the first quarter worth about $299,000. Dynamic Advisor Solutions LLC lifted its holdings in Elevance Health by 11.3% in the second quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company's stock worth $3,125,000 after buying an additional 817 shares during the period. Focus Partners Wealth lifted its holdings in Elevance Health by 4.6% in the first quarter. Focus Partners Wealth now owns 22,446 shares of the company's stock worth $9,764,000 after buying an additional 982 shares during the period. Asio Capital LLC lifted its holdings in Elevance Health by 7.1% in the second quarter. Asio Capital LLC now owns 15,371 shares of the company's stock worth $5,979,000 after buying an additional 1,015 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Elevance Health by 88.1% in the first quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after buying an additional 1,588 shares during the period. 89.24% of the stock is owned by institutional investors.

Elevance Health Price Performance

ELV stock opened at $353.29 on Monday. The firm has a 50 day moving average price of $315.10 and a 200-day moving average price of $358.17. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $510.24. The firm has a market capitalization of $79.55 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 1.29 and a beta of 0.59. 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 (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 analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the previous year, the firm earned $10.12 earnings per share. Elevance Health's revenue was up 14.3% on a year-over-year basis. Equities research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

Insider Buying and Selling

In other news, CEO Gail Boudreaux acquired 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was bought 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 directly owned 151,020 shares in the company, 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 filing with the SEC, which can be accessed through this link. Also, Director Susan D. Devore acquired 1,200 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased 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 $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ELV. Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Argus restated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Barclays raised their price objective on shares of Elevance Health from $373.00 to $395.00 and gave the stock an "overweight" rating in a report on Thursday. UBS Group lowered their price objective on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a report on Friday, September 5th. Finally, Mizuho lifted their target price on shares of Elevance Health from $342.00 to $420.00 and gave the company an "outperform" rating in a report on Thursday. Twelve equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $412.00.

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.

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