Robertson Opportunity Capital LLC Takes $6.66 Million Position in Elevance Health, Inc. $ELV

Key Points

• Robertson Opportunity Capital LLC invested approximately $6.66 million in Elevance Health, acquiring 15,300 shares, which now constitute around 2.5% of their portfolio.
• Elevance Health's recent quarterly earnings missed the consensus estimate, reporting $8.84 EPS against an expected $9.30 EPS, despite a revenue of $49.42 billion, which surpassed projections.
• The company declared a quarterly dividend of $1.71 per share, reflecting an annualized rate of $6.84 and a dividend yield of 2.2%.

Robertson Opportunity Capital LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 15,300 shares of the company's stock, valued at approximately $6,655,000. Elevance Health makes up about 2.5% of Robertson Opportunity Capital LLC's investment portfolio, making the stock its 14th largest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ELV. Private Wealth Management Group LLC increased its holdings in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. WPG Advisers LLC acquired a new stake in shares of Elevance Health in the 1st quarter valued at $29,000. Riverview Trust Co increased its stake in shares of Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after buying an additional 67 shares during the period. North Capital Inc. acquired a new stake in shares of Elevance Health in the 1st quarter valued at $36,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Elevance Health in the 4th quarter valued at $39,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ELV shares. Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Guggenheim lowered their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Morgan Stanley lowered their target price on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Finally, Leerink Partners reissued a "market perform" rating and issued a $310.00 target price (down 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 issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $411.06.

Insider Activity

In other Elevance Health news, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction on Friday, July 18th. The shares were acquired at an average price 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 of the company's stock, valued at approximately $43,333,678.80. This represents a 5.96% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

Elevance Health Trading Up 2.5%

Shares of NYSE:ELV traded up $7.59 during midday trading on Thursday, hitting $314.34. The company had a trading volume of 3,561,945 shares, compared to its average volume of 1,983,536. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $559.95. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock has a market cap of $70.78 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.15 and a beta of 0.59. The firm has a fifty day simple moving average of $307.94 and a 200 day simple moving average of $371.82.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) 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 the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.12 earnings per share. On average, analysts predict that Elevance Health, Inc. will post 33.96 EPS 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. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's payout ratio is currently 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.