Tidal Investments LLC Has $82.33 Million Stock Position in Elevance Health, Inc. $ELV

Key Points

• Tidal Investments increased its Elevance Health position by 3.5% in the second quarter, holding 212,877 shares valued at approximately $82.33 million. Institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly EPS of $7.45, exceeding estimates of $6.21, while revenue reached $49.83 billion. Analysts expect full-year EPS of $27.18.
• The company declared a quarterly dividend of $1.72 per share, or $6.88 annually, yielding about 1.7%; analysts maintain a “Moderate Buy” consensus with an average price target of $440.90.

Tidal Investments LLC increased its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 212,877 shares of the company's stock after acquiring an additional 7,266 shares during the quarter. Tidal Investments LLC owned 0.10% of Elevance Health worth $82,326,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ELV. California State Teachers Retirement System lifted its holdings in shares of Elevance Health by 37,390.0% in the second quarter. California State Teachers Retirement System now owns 124,019,670 shares of the company's stock valued at $47,962,127,000 after purchasing an additional 123,688,863 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Elevance Health during the second quarter valued at $7,344,424,000. Bank of New York Mellon Corp acquired a new position in Elevance Health during the second quarter valued at $1,246,349,000. Norges Bank acquired a new position in Elevance Health during the fourth quarter valued at $1,058,165,000. Finally, Legal & General Group Plc purchased a new stake in Elevance Health in the 2nd quarter worth about $688,469,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Down 1.1%

ELV opened at $397.54 on Thursday. The company has a market capitalization of $86.21 billion, a PE ratio of 17.67, a price-to-earnings-growth ratio of 2.09 and a beta of 0.69. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The business has a 50-day moving average of $397.05 and a 200-day moving average of $365.88.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion during the quarter, compared to analysts' expectations of $48.88 billion. During the same quarter in the previous year, the business posted $8.84 EPS. The firm's quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts forecast that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a $1.72 dividend. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health's payout ratio is currently 30.58%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company lowered their target price on Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock in a research note on Thursday, July 16th. Raymond James Financial set a $450.00 price target on shares of Elevance Health in a research report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a "hold" rating to a "buy" rating and raised their price target for the stock from $363.00 to $498.00 in a report on Wednesday, May 20th. TD Cowen boosted their price objective on shares of Elevance Health from $400.00 to $465.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Finally, Cantor Fitzgerald upped their price objective on shares of Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, Elevance Health has an average rating of "Moderate Buy" and an average target price of $440.90.

About Elevance Health

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.

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