Atom Investors LP Grows Position in Elevance Health, Inc. (NYSE:ELV)

Atom Investors LP grew its stake in Elevance Health, Inc. (NYSE:ELV) by 490.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,170 shares of the company’s stock after buying an additional 10,940 shares during the period. Elevance Health accounts for 0.7% of Atom Investors LP’s holdings, making the stock its 28th biggest position. Atom Investors LP’s holdings in Elevance Health were worth $6,848,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Private Ocean LLC raised its stake in shares of Elevance Health by 6.7% in the second quarter. Private Ocean LLC now owns 348 shares of the company’s stock worth $189,000 after purchasing an additional 22 shares during the last quarter. Hurlow Wealth Management Group Inc. lifted its stake in Elevance Health by 1.9% during the 2nd quarter. Hurlow Wealth Management Group Inc. now owns 1,229 shares of the company’s stock valued at $666,000 after acquiring an additional 23 shares during the period. Cypress Wealth Services LLC boosted its holdings in shares of Elevance Health by 3.5% in the 3rd quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock valued at $353,000 after acquiring an additional 23 shares during the last quarter. CVA Family Office LLC raised its holdings in shares of Elevance Health by 4.2% during the second quarter. CVA Family Office LLC now owns 602 shares of the company’s stock worth $326,000 after purchasing an additional 24 shares during the last quarter. Finally, FSM Wealth Advisors LLC lifted its position in Elevance Health by 4.4% during the second quarter. FSM Wealth Advisors LLC now owns 568 shares of the company’s stock valued at $308,000 after purchasing an additional 24 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.35% of the stock is currently owned by insiders.

Elevance Health Stock Performance

Shares of ELV opened at $406.96 on Monday. Elevance Health, Inc. has a 1 year low of $391.02 and a 1 year high of $567.26. The company’s 50 day simple moving average is $446.87 and its 200 day simple moving average is $504.13. The company has a market capitalization 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 quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results 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 business had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $8.99 EPS. On average, sell-side analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.60%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Analyst Upgrades and Downgrades

Several research firms recently commented on ELV. UBS Group dropped their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Barclays lowered their target price 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. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. TD Cowen lowered their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Finally, Wells Fargo & Company cut their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $539.20.

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.