Redmile Group LLC Purchases 8,144 Shares of Elevance Health, Inc. (NYSE:ELV)

Redmile Group LLC boosted its position in Elevance Health, Inc. (NYSE:ELV) by 35.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,223 shares of the company’s stock after acquiring an additional 8,144 shares during the quarter. Redmile Group LLC’s holdings in Elevance Health were worth $16,190,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ascent Group LLC increased its position in Elevance Health by 311.0% during the 1st quarter. Ascent Group LLC now owns 3,765 shares of the company’s stock worth $1,952,000 after purchasing an additional 2,849 shares in the last quarter. QVR LLC bought a new stake in shares of Elevance Health during the first quarter worth $230,000. Mount Yale Investment Advisors LLC increased its holdings in shares of Elevance Health by 6.8% during the first quarter. Mount Yale Investment Advisors LLC now owns 3,830 shares of the company’s stock worth $1,986,000 after buying an additional 245 shares in the last quarter. Bamco Inc. NY lifted its stake in shares of Elevance Health by 34.3% in the 1st quarter. Bamco Inc. NY now owns 9,000 shares of the company’s stock valued at $4,667,000 after acquiring an additional 2,300 shares during the last quarter. Finally, Magnetar Financial LLC bought a new position in shares of Elevance Health in the 1st quarter valued at $648,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Royal Bank of Canada increased their target price on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. TD Cowen dropped their price objective on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a report on Friday, July 19th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Barclays dropped their price target on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research note on Thursday, July 18th. Finally, Truist Financial boosted their price objective on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $604.29.

Insiders Place Their Bets

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Stock Up 0.4 %

Shares of ELV traded up $2.36 during trading hours on Monday, hitting $529.86. The stock had a trading volume of 946,504 shares, compared to its average volume of 1,065,353. Elevance Health, Inc. has a 1-year low of $431.38 and a 1-year high of $555.35. The firm has a market capitalization of $122.87 billion, a P/E ratio of 20.02, a price-to-earnings-growth ratio of 1.17 and a beta of 0.84. The firm has a 50 day simple moving average of $529.98 and a 200-day simple moving average of $516.65. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. During the same quarter in the previous year, the company posted $9.04 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. Sell-side analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

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.