Forum Financial Management LP Increases Position in Elevance Health, Inc. $ELV

Forum Financial Management LP grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 2.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,938 shares of the company’s stock after buying an additional 82 shares during the period. Forum Financial Management LP’s holdings in Elevance Health were worth $1,143,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ELV. Nuveen LLC purchased a new stake in shares of Elevance Health in the first quarter valued at about $789,943,000. Orbis Allan Gray Ltd raised its holdings in shares of Elevance Health by 31.4% in the first quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock valued at $1,239,276,000 after buying an additional 680,228 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Elevance Health by 3.1% in the first quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock valued at $9,635,281,000 after buying an additional 666,534 shares during the last quarter. Boston Partners raised its holdings in shares of Elevance Health by 241.3% in the first quarter. Boston Partners now owns 856,737 shares of the company’s stock valued at $372,039,000 after buying an additional 605,689 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Elevance Health by 13.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company’s stock valued at $1,164,041,000 after buying an additional 324,040 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Guggenheim increased their price target on shares of Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Leerink Partners reissued a “market perform” rating and set a $310.00 price target (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Weiss Ratings raised shares of Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. cut their price target on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a report on Tuesday, July 22nd. Twelve equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $397.89.

Insider Activity at Elevance Health

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Elevance Health Trading Up 0.3%

Shares of ELV opened at $346.36 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.44 and a debt-to-equity ratio of 0.71. The firm’s 50-day moving average is $326.42 and its two-hundred day moving average is $353.99. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $458.75. The firm has a market capitalization of $76.97 billion, a P/E ratio of 14.16, a PEG ratio of 1.26 and a beta of 0.59.

Elevance Health (NYSE:ELV) last issued its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The company had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. During the same period in the prior year, the business posted $8.37 earnings per share. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. On average, research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a $1.71 dividend. The ex-dividend date is Friday, December 5th. This represents a $6.84 annualized dividend and a dividend yield of 2.0%. Elevance Health’s dividend payout ratio is currently 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.