Russell Investments Group Ltd. Grows Stock Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Russell Investments Group Ltd. increased its stake in Elevance Health by 9.2% in Q1, owning 584,323 shares valued at approximately $253.8 million.
• Elevance Health's recent earnings results showed an EPS of $8.84, falling short of estimates, while revenues were reported at $49.42 billion, exceeding expectations of $48.26 billion.
• The company announced a quarterly dividend of $1.71 per share, reflecting an annualized dividend yield of 2.4% and a payout ratio of 29.11%.

Russell Investments Group Ltd. lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 9.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 584,323 shares of the company's stock after purchasing an additional 49,129 shares during the quarter. Russell Investments Group Ltd. owned about 0.26% of Elevance Health worth $253,823,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ELV. Accredited Wealth Management LLC purchased a new position in Elevance Health in the fourth quarter worth $25,000. Private Wealth Management Group LLC raised its position in Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after acquiring an additional 38 shares in the last quarter. Riverview Trust Co raised its position in Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after acquiring an additional 67 shares in the last quarter. North Capital Inc. purchased a new position in Elevance Health in the first quarter worth $36,000. Finally, Orion Capital Management LLC purchased a new position in Elevance Health in the fourth quarter worth $39,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ELV. Truist Financial dropped their price target on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Royal Bank Of Canada restated an "outperform" rating and issued a $478.00 price target on shares of Elevance Health in a research report on Wednesday, June 4th. Leerink Partners restated a "market perform" rating and issued a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. JPMorgan Chase & Co. dropped their price target on Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Finally, Robert W. Baird dropped their price target on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $418.19.

Elevance Health Stock Performance

Elevance Health stock opened at $290.80 on Tuesday. The stock's 50-day moving average is $338.45 and its 200-day moving average is $384.51. The company has a market cap of $65.48 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.08 and a beta of 0.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $567.26.

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

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors 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 dividend yield of 2.4%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Insider Activity at Elevance Health

In related news, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were acquired 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 in the company, valued at $43,333,678.80. This represents a 5.96% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.29% of the company's stock.

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.

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