Veritas Asset Management LLP Has $165.78 Million Position in Elevance Health, Inc. $ELV

Key Points

• Veritas Asset Management reduced its Elevance Health position by 32.5% in the second quarter, selling 206,699 shares. It still held 428,672 shares worth approximately $165.78 million, representing 3.1% of its portfolio.
• Analysts remain broadly positive, with 15 Buy ratings and eight Holds producing a consensus “Moderate Buy” rating and an average price target of $440.90.
• Elevance Health reported quarterly adjusted earnings of $7.45 per share, exceeding estimates of $6.21, while revenue reached $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, equivalent to a 1.7% annualized yield.

Veritas Asset Management LLP reduced its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 32.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 428,672 shares of the company's stock after selling 206,699 shares during the period. Elevance Health comprises 3.1% of Veritas Asset Management LLP's investment portfolio, making the stock its 15th largest holding. Veritas Asset Management LLP owned approximately 0.20% of Elevance Health worth $165,780,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Stoneridge Investment Partners LLC bought a new position in shares of Elevance Health during the second quarter valued at $970,000. State of Wyoming bought a new stake in shares of Elevance Health in the 2nd quarter valued at $1,765,000. Mawer Investment Management Ltd. boosted its stake in shares of Elevance Health by 10.9% in the 4th quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company's stock valued at $72,597,000 after purchasing an additional 20,438 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in Elevance Health during the second quarter worth $1,267,000. Finally, Handelsbanken Fonder AB lifted its stake in shares of Elevance Health by 7.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 79,811 shares of the company's stock valued at $30,865,000 after purchasing an additional 5,772 shares during the period. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert Dixon, Jr. sold 151 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares of the company's stock, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ELV. 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 report on Thursday, July 16th. Bank of America lifted their target price on Elevance Health from $435.00 to $460.00 and gave the company a "buy" rating in a report on Thursday, June 4th. UBS Group upped their price objective on shares of Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a research report on Friday, May 22nd. Truist Financial increased their price objective on Elevance Health from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Finally, TD Cowen boosted their target price on Elevance Health from $400.00 to $465.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $440.90.

Elevance Health Trading Down 1.3%

Elevance Health stock traded down $5.46 during trading hours on Tuesday, reaching $402.04. The stock had a trading volume of 1,174,510 shares, compared to its average volume of 1,657,393. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The stock has a market cap of $87.19 billion, a PE ratio of 17.87, a PEG ratio of 2.12 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. The company has a fifty day simple moving average of $397.41 and a 200-day simple moving average of $365.53.

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

Elevance Health Announces Dividend

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

Elevance Health Profile

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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