Taikang Asset Management Hong Kong Co Ltd Has $6.95 Million Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• Taikang Asset Management Hong Kong Co Ltd increased its holdings in Elevance Health, Inc. by 15.9%, owning a total of 15,973 shares valued at approximately $6.95 million.
• Elevance Health recently reported earnings of $8.84 per share, missing expectations, while its revenue reached $49.42 billion, surpassing estimates.
• The company announced a quarterly dividend of $1.71 per share, representing a 2.2% dividend yield and reflecting a payout ratio of 29.11%.

Taikang Asset Management Hong Kong Co Ltd boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 15.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,973 shares of the company's stock after acquiring an additional 2,186 shares during the quarter. Elevance Health accounts for 0.9% of Taikang Asset Management Hong Kong Co Ltd's holdings, making the stock its 28th largest holding. Taikang Asset Management Hong Kong Co Ltd's holdings in Elevance Health were worth $6,948,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ELV. Private Wealth Management Group LLC lifted its holdings in Elevance Health by 152.0% in 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 during the period. Accredited Wealth Management LLC bought a new stake in shares of Elevance Health during the fourth quarter worth about $25,000. Riverview Trust Co grew its position in Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after purchasing an additional 67 shares in the last quarter. North Capital Inc. bought a new stake in Elevance Health in the 1st quarter worth about $36,000. Finally, Berbice Capital Management LLC purchased a new position in Elevance Health in the first quarter valued at about $43,000. Institutional investors own 89.24% of the company's stock.

Elevance Health Trading Up 2.0%

Shares of NYSE ELV opened at $315.8370 on Monday. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $567.26. The stock has a market cap of $71.12 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 1.16 and a beta of 0.58. The firm has a 50-day moving average of $324.18 and a 200 day moving average of $378.47. 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 (NYSE:ELV - Get Free Report) last issued its 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 firm had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm's quarterly revenue was up 14.3% on a year-over-year basis. During the same period last year, the firm posted $10.12 earnings per share. As a group, sell-side analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. Elevance Health's payout ratio is currently 29.11%.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of recent research reports. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Guggenheim lowered their price objective on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $478.00 target price on shares of Elevance Health in a report on Wednesday, June 4th. Wells Fargo & Company cut their price target on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, August 15th. Finally, JPMorgan Chase & Co. cut their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $413.81.

Insider Buying and Selling

In related news, Director Susan D. Devore purchased 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, the director directly owned 3,502 shares of the company's stock, valued at $1,093,149.30. The trade was a 52.13% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The stock was bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

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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