Jacobs Levy Equity Management Inc. Has $289.30 Million Position in Elevance Health, Inc. (NYSE:ELV)

Jacobs Levy Equity Management Inc. boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 38.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 556,352 shares of the company’s stock after acquiring an additional 155,448 shares during the quarter. Elevance Health makes up approximately 1.1% of Jacobs Levy Equity Management Inc.’s holdings, making the stock its 8th biggest holding. Jacobs Levy Equity Management Inc.’s holdings in Elevance Health were worth $289,303,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. HighVista Strategies LLC bought a new position in shares of Elevance Health in the third quarter worth about $1,300,000. Hilltop Holdings Inc. lifted its position in shares of Elevance Health by 2,489.1% during the third quarter. Hilltop Holdings Inc. now owns 11,910 shares of the company’s stock worth $6,193,000 after purchasing an additional 11,450 shares in the last quarter. Holocene Advisors LP lifted its position in Elevance Health by 14.7% in the third quarter. Holocene Advisors LP now owns 317,979 shares of the company’s stock valued at $165,349,000 after acquiring an additional 40,778 shares during the last quarter. Centiva Capital LP boosted its holdings in shares of Elevance Health by 121.3% in the third quarter. Centiva Capital LP now owns 7,461 shares of the company’s stock valued at $3,880,000 after acquiring an additional 4,089 shares in the last quarter. Finally, Ascent Group LLC boosted its position in shares of Elevance Health by 25.6% in the 3rd quarter. Ascent Group LLC now owns 6,156 shares of the company’s stock worth $3,201,000 after buying an additional 1,253 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Up 0.8 %

Shares of Elevance Health stock opened at $410.39 on Tuesday. Elevance Health, Inc. has a one year low of $391.02 and a one year high of $567.26. The firm has a market cap of $95.18 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.21 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The stock’s 50-day moving average is $446.87 and its 200 day moving average is $504.13.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The company had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the company posted $8.99 EPS. Equities research analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.59%. Elevance Health’s dividend payout ratio is currently 23.77%.

Insiders Place Their Bets

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ELV shares. Stephens reissued an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Morgan Stanley dropped their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Truist Financial reissued a “buy” rating and set a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Barclays reduced their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Finally, Cantor Fitzgerald reduced their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

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.