Tran Capital Management L.P. Invests $14.32 Million in Elevance Health, Inc. $ELV

Key Points

• Tran Capital Management L.P. has made a significant investment of $14.32 million in Elevance Health, acquiring 36,817 shares, which represents 1.7% of their total stock holdings.
• Elevance Health's earnings report revealed an EPS of $8.84 for the last quarter, falling short of analysts' expectations by 46 cents, despite reporting revenue of $49.42 billion, surpassing expectations.
• The company also announced a quarterly dividend of $1.71 per share, reflecting a 2.2% yield, with a payout ratio of 29.11%.

Tran Capital Management L.P. purchased a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,817 shares of the company's stock, valued at approximately $14,320,000. Elevance Health accounts for 1.7% of Tran Capital Management L.P.'s holdings, making the stock its 22nd biggest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWA Asset Management Group LLC purchased a new stake in shares of Elevance Health in the first quarter worth approximately $299,000. Focus Partners Wealth increased its holdings in Elevance Health by 4.6% during the 1st quarter. Focus Partners Wealth now owns 22,446 shares of the company's stock worth $9,764,000 after purchasing an additional 982 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in Elevance Health by 11.3% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company's stock worth $3,125,000 after purchasing an additional 817 shares during the period. GAMMA Investing LLC increased 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 worth $1,475,000 after purchasing an additional 1,588 shares during the period. Finally, Ransom Advisory Ltd purchased a new position in Elevance Health during the 1st quarter worth $522,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Trading Down 0.6%

ELV opened at $313.90 on Friday. The firm has a market cap of $70.68 billion, a P/E ratio of 13.36, a P/E/G ratio of 1.15 and a beta of 0.59. The business has a fifty day simple moving average of $303.03 and a 200-day simple moving average of $367.63. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $542.22. 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 released its earnings results 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). The company had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the business posted $10.12 earnings per share. On average, equities analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's payout ratio is presently 29.11%.

Analyst Ratings Changes

ELV has been the topic of several research reports. Morgan Stanley reduced their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Wells Fargo & Company reduced their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, August 15th. Guggenheim cut 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. Truist Financial cut their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Finally, Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. 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, the stock presently has an average rating of "Moderate Buy" and an average price target of $411.06.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of the stock in a transaction that occurred on 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 acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their position. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.