Atom Investors LP Raises Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Atom Investors LP boosted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 490.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,170 shares of the company’s stock after purchasing an additional 10,940 shares during the quarter. Elevance Health makes up approximately 0.7% of Atom Investors LP’s holdings, making the stock its 28th largest holding. Atom Investors LP’s holdings in Elevance Health were worth $6,848,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in ELV. Pathway Financial Advisers LLC grew its stake in Elevance Health by 51,967.1% in the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after purchasing an additional 656,344 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Elevance Health by 85,533.1% during the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after purchasing an additional 532,016 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares during the period. Maj Invest Holding A S bought a new stake in Elevance Health during the second quarter valued at $173,753,000. Finally, First Eagle Investment Management LLC raised its holdings in shares of Elevance Health by 15.5% during the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after purchasing an additional 275,708 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.35% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on ELV. Wells Fargo & Company decreased their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Raymond James set a $485.00 price target on Elevance Health in a report on Friday, October 18th. Morgan Stanley lowered their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $406.96 on Monday. The stock has a market cap of $94.38 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 1.21 and a beta of 0.85. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health, Inc. has a 12 month low of $391.02 and a 12 month high of $567.26. The stock’s 50 day moving average price is $446.87 and its 200 day moving average price is $504.13.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the firm posted $8.99 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Equities research analysts anticipate that Elevance Health, Inc. will post 32.96 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 Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.60%. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

About Elevance Health

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.