Elevance Health, Inc. $ELV is Tamar Securities LLC's 7th Largest Position

Key Points

• Tamar Securities LLC increased its holdings in Elevance Health by 60.9% during the first quarter, now owning approximately $27.69 million worth of shares.
• Elevance Health's recent quarterly earnings were below expectations, reporting $8.84 earnings per share, missing the consensus estimate of $9.30.
• The company declared a quarterly dividend of $1.71 per share, yielding an annualized dividend of $6.84 with a payout ratio of 29.11%.

Tamar Securities LLC boosted its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 60.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,665 shares of the company's stock after buying an additional 24,109 shares during the period. Elevance Health accounts for about 3.8% of Tamar Securities LLC's portfolio, making the stock its 7th largest holding. Tamar Securities LLC's holdings in Elevance Health were worth $27,692,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ELV. CoreCap Advisors LLC increased its stake in Elevance Health by 289.4% during the 4th quarter. CoreCap Advisors LLC now owns 331 shares of the company's stock worth $122,000 after buying an additional 246 shares in the last quarter. EP Wealth Advisors LLC boosted its holdings in shares of Elevance Health by 7.8% during the 4th quarter. EP Wealth Advisors LLC now owns 2,201 shares of the company's stock worth $812,000 after purchasing an additional 159 shares during the last quarter. First Manhattan CO. LLC. boosted its holdings in shares of Elevance Health by 293.3% during the 4th quarter. First Manhattan CO. LLC. now owns 4,712 shares of the company's stock worth $1,738,000 after purchasing an additional 3,514 shares during the last quarter. Ethic Inc. boosted its holdings in shares of Elevance Health by 28.9% during the 4th quarter. Ethic Inc. now owns 24,399 shares of the company's stock worth $9,001,000 after purchasing an additional 5,471 shares during the last quarter. Finally, Gotham Asset Management LLC boosted its holdings in shares of Elevance Health by 101.4% during the 4th quarter. Gotham Asset Management LLC now owns 53,686 shares of the company's stock worth $19,805,000 after purchasing an additional 27,033 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ELV. Wells Fargo & Company lowered their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, August 15th. Leerink Partners restated a "market perform" rating and set a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Robert W. Baird cut their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Guggenheim decreased their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Finally, Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $411.06.

Elevance Health Trading Down 0.4%

NYSE:ELV traded down $1.23 during trading hours on Friday, reaching $313.66. 740,711 shares of the stock were exchanged, compared to its average volume of 1,976,420. The business has a 50-day moving average of $307.25 and a two-hundred day moving average of $371.33. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $559.95. The company has a market capitalization of $70.63 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 1.12 and a beta of 0.59.

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

Elevance Health Announces Dividend

The business also recently disclosed 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. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Insider Buying and Selling at Elevance Health

In related news, Director Susan D. Devore acquired 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The shares were acquired 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 owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gail Boudreaux acquired 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, for a total transaction of $2,438,990.00. Following the completion of the purchase, 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. 0.29% of the stock is currently owned by company insiders.

About Elevance Health

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.