Wedge Capital Management L L P NC Takes Position in Elevance Health, Inc. $ELV

Key Points

• Wedge Capital Management has made a new investment in Elevance Health, acquiring 77,703 shares valued at approximately $30.22 million.
• Several prominent investors have also increased their stakes in Elevance Health, with hedge funds and institutional investors now owning 89.24% of the company's stock.
• A recent earnings report showed Elevance Health missed consensus estimates with an EPS of $8.84, while reporting revenues of $49.42 billion for the quarter.

Wedge Capital Management L L P NC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 77,703 shares of the company's stock, valued at approximately $30,223,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Private Wealth Management Group LLC increased its position in shares of Elevance Health by 152.0% during the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after buying an additional 38 shares during the period. WPG Advisers LLC purchased a new stake in Elevance Health during the 1st quarter valued at $29,000. Riverview Trust Co boosted its position in 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 acquiring an additional 67 shares in the last quarter. North Capital Inc. purchased a new position in Elevance Health in the first quarter worth about $36,000. Finally, Saudi Central Bank bought a new stake in shares of Elevance Health in the first quarter worth approximately $40,000. Institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ELV shares. Leerink Partners reiterated a "market perform" rating and set a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. JPMorgan Chase & Co. reduced their price target on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Wells Fargo & Company lowered their price objective on Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. Morgan Stanley reduced their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Finally, Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $411.06.

Elevance Health Stock Down 0.6%

Shares of ELV traded down $1.87 on Friday, hitting $313.90. 3,015,351 shares of the stock traded hands, compared to its average volume of 1,950,699. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $542.22. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The business has a 50 day simple moving average of $303.03 and a 200 day simple moving average of $367.37. The company has a market capitalization of $70.68 billion, a PE ratio of 13.36, a P/E/G ratio of 1.15 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly 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 the consensus estimate of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business's revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $10.12 earnings per share. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. Elevance Health's payout ratio is 29.11%.

Insider Buying and Selling

In related news, Director Susan D. Devore purchased 1,200 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares of the company's stock, valued at $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gail Boudreaux purchased 8,500 shares of the company's stock in a transaction on Friday, July 18th. The stock was 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 of the company's stock, 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 owned by insiders.

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.