Teza Capital Management LLC Purchases Shares of 1,320 Elevance Health, Inc. $ELV

Key Points

• Teza Capital Management LLC has acquired 1,320 shares of Elevance Health, Inc., valued at approximately $574,000.
• Elevance Health recently declared a quarterly dividend of $1.71 per share, with an annual yield of 2.2%, indicating strong investor returns.
• Despite reporting quarterly earnings below expectations, Elevance Health's revenue surpassed forecasts, with a significant 14.3% year-over-year increase.

Teza Capital Management LLC bought a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,320 shares of the company's stock, valued at approximately $574,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC lifted its position in Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after buying an additional 38 shares in the last quarter. WPG Advisers LLC bought a new position in shares of Elevance Health during the 1st quarter valued at $29,000. Riverview Trust Co raised its holdings in shares of Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares in the last quarter. North Capital Inc. bought a new position in shares of Elevance Health during the 1st quarter valued at $36,000. Finally, Orion Capital Management LLC bought a new position in shares of Elevance Health during the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

NYSE ELV traded down $3.15 during midday trading on Friday, hitting $311.74. The company had a trading volume of 1,503,234 shares, compared to its average volume of 2,082,560. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock has a market cap of $70.20 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 1.15 and a beta of 0.59. The firm has a fifty day simple moving average of $306.50 and a two-hundred day simple moving average of $370.70. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $559.95.

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 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 prior year, the business earned $10.12 earnings per share. Equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given a dividend of $1.71 per share. 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 payout ratio is 29.11%.

Insider Activity

In other Elevance Health news, Director Susan D. Devore bought 1,200 shares of the firm's 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 transaction, 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 acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction dated 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 transaction, 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 disclosure for this purchase can be found here. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ELV shares. Barclays raised their price target on shares of Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a report on Thursday, September 4th. Leerink Partners restated a "market perform" rating and set a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Truist Financial lowered their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Finally, Wells Fargo & Company lowered their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, August 15th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $411.06.

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.