Elevance Health, Inc. $ELV is Ruane Cunniff & Goldfarb L.P.'s 3rd Largest Position

Key Points

• Ruane Cunniff & Goldfarb L.P. reduced its holdings in Elevance Health by 1.8% in the first quarter, maintaining a 3rd largest position with 1,122,920 shares valued at approximately $488.4 million.
• Elevance Health's recent earnings report showed a miss on earnings per share at $8.84, below the consensus estimate of $9.30, although revenue was up by 14.3% year-over-year.
• The company has announced a $1.71 quarterly dividend, indicating a yearly payout of $6.84, representing a yield of 2.2% with a payout ratio of 29.11%.

Ruane Cunniff & Goldfarb L.P. trimmed its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 1.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,122,920 shares of the company's stock after selling 21,033 shares during the period. Elevance Health makes up 8.9% of Ruane Cunniff & Goldfarb L.P.'s investment portfolio, making the stock its 3rd largest holding. Ruane Cunniff & Goldfarb L.P. owned 0.50% of Elevance Health worth $488,425,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. Milestone Asset Management LLC boosted its holdings in shares of Elevance Health by 2.2% in the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after buying an additional 24 shares in the last quarter. GLOBALT Investments LLC GA lifted its position in Elevance Health by 0.4% during the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after acquiring an additional 24 shares during the last quarter. Elser Financial Planning Inc boosted its stake in Elevance Health by 3.0% in the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after acquiring an additional 26 shares in the last quarter. Checchi Capital Advisers LLC grew its holdings in Elevance Health by 1.0% in the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock worth $1,190,000 after purchasing an additional 27 shares during the last quarter. Finally, Hemington Wealth Management increased its position in Elevance Health by 13.3% during the 1st quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after buying an additional 27 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Up 2.5%

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

Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion for 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.12 EPS. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

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 paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's dividend payout ratio is currently 29.11%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Leerink Partners reaffirmed a "market perform" rating and set a $310.00 target price (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Barclays upped their price target on Elevance Health from $327.00 to $373.00 and gave the stock an "overweight" rating in a report on Thursday, September 4th. Argus reaffirmed a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Finally, Guggenheim lowered their price target on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $411.06.

Insider Buying and Selling at Elevance Health

In related news, Director Susan D. Devore bought 1,200 shares of the stock in a transaction on Tuesday, August 19th. The shares were bought at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares of the company's stock, valued at $1,093,149.30. This represents a 52.13% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the purchase, 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 disclosure for this purchase can be found here. 0.29% of the stock is owned by company insiders.

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.