Trajan Wealth LLC Grows Stake in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Trajan Wealth LLC increased its stake in Elevance Health, Inc. by 23.7% in Q1, now holding 64,781 shares valued at approximately $28.2 million, making it the firm's 16th largest investment.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health at an average price of $286.94, increasing her ownership by nearly 6% to a total of 151,020 shares.
• Elevance Health reported a Q2 earnings per share (EPS) of $8.84, below analysts' expectations of $9.30, despite a revenue increase of 14.3% on a year-over-year basis.

Trajan Wealth LLC boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 23.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,781 shares of the company's stock after purchasing an additional 12,400 shares during the period. Elevance Health comprises 1.5% of Trajan Wealth LLC's investment portfolio, making the stock its 16th biggest position. Trajan Wealth LLC's holdings in Elevance Health were worth $28,177,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. CWA Asset Management Group LLC purchased a new position in Elevance Health in the 1st quarter valued at approximately $299,000. GAMMA Investing LLC grew its holdings in Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock valued at $1,475,000 after buying an additional 1,588 shares during the last quarter. Ritholtz Wealth Management grew its holdings in Elevance Health by 185.7% during the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock valued at $1,341,000 after buying an additional 2,004 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Elevance Health by 15.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock valued at $2,922,000 after buying an additional 913 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Elevance Health by 36.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock valued at $11,991,000 after buying an additional 7,410 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction dated Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, with a total value 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. The trade was a 5.96% 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 the SEC website. Insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ELV. Guggenheim lowered their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. UBS Group reiterated a "buy" rating and set a $484.00 target price (down previously from $555.00) on shares of Elevance Health in a report on Monday, July 14th. Truist Financial lowered their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Argus restated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Finally, Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $418.19.

Elevance Health Trading Down 1.1%

ELV opened at $290.80 on Tuesday. The firm has a market capitalization of $65.48 billion, a P/E ratio of 12.37, a P/E/G ratio of 1.08 and a beta of 0.58. The firm's 50 day moving average is $338.45 and its 200-day moving average is $384.51. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $567.26. 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 (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the prior year, the business earned $10.12 EPS. The company's revenue for the quarter was up 14.3% on a year-over-year basis. Analysts expect that Elevance Health, Inc. will post 33.96 EPS 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 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

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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