GAMMA Investing LLC Raises Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

GAMMA Investing LLC boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 35.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,596 shares of the company’s stock after buying an additional 673 shares during the period. GAMMA Investing LLC’s holdings in Elevance Health were worth $1,407,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ELV. Norges Bank purchased a new stake in Elevance Health during the 4th quarter valued at $1,347,434,000. Massachusetts Financial Services Co. MA purchased a new stake in Elevance Health during the 4th quarter valued at $467,141,000. Canoe Financial LP raised its holdings in Elevance Health by 158.1% during the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after buying an additional 517,116 shares during the period. Morningstar Investment Services LLC purchased a new stake in Elevance Health during the 4th quarter valued at $239,244,000. Finally, Focused Investors Fund L P bought a new position in Elevance Health in the 1st quarter valued at $249,884,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Up 0.6 %

ELV stock traded up $2.94 during trading on Friday, reaching $535.17. 874,644 shares of the company traded hands, compared to its average volume of 1,331,405. Elevance Health, Inc. has a 12 month low of $431.38 and a 12 month high of $555.35. The business has a 50 day simple moving average of $529.51 and a 200 day simple moving average of $518.31. The company has a market capitalization of $124.10 billion, a price-to-earnings ratio of 20.23, a price-to-earnings-growth ratio of 1.18 and a beta of 0.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. During the same quarter last year, the company earned $9.04 earnings per share. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. On average, equities research analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s payout ratio is currently 24.64%.

Insider Activity at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated 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 in the company, valued at $4,926,213.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The shares were 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 owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ELV shares. Baird R W raised Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. TD Cowen cut their price objective on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research report on Friday, July 19th. Mizuho upped their price objective on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Barclays cut their price objective on Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a research report on Thursday, July 18th. Finally, StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $604.29.

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.