Twin Capital Management Inc. decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) by 65.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 735 shares of the company’s stock after selling 1,422 shares during the period. Twin Capital Management Inc.’s holdings in Elevance Health were worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in Elevance Health by 18.1% in the first quarter. Bank of New York Mellon Corp now owns 2,845,280 shares of the company’s stock worth $832,956,000 after buying an additional 436,576 shares in the last quarter. Signet Financial Management LLC lifted its position in shares of Elevance Health by 3.5% during the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock valued at $245,000 after buying an additional 28 shares in the last quarter. Checchi Capital Advisers LLC lifted its position in shares of Elevance Health by 11.3% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,194 shares of the company’s stock valued at $642,000 after buying an additional 222 shares in the last quarter. AMG National Trust Bank grew its stake in shares of Elevance Health by 84.7% during the 1st quarter. AMG National Trust Bank now owns 7,300 shares of the company’s stock valued at $2,137,000 after acquiring an additional 3,348 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Elevance Health by 36.8% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,480 shares of the company’s stock valued at $726,000 after acquiring an additional 667 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.
Elevance Health News Roundup
Here are the key news stories impacting Elevance Health this week:
- Positive Sentiment: Elevance posted stronger-than-expected second-quarter results and raised its full-year outlook, which supports the bullish case for the stock. Elevance Health Beats Q2 And Raises Outlook While Leaving More Medicaid Markets
- Positive Sentiment: Several analysts turned more constructive after earnings, including Guggenheim raising its target to $455 and TD Cowen reiterating a Buy rating, suggesting confidence in upside from current levels. These Analysts Revise Their Forecasts On Elevance Health Following Q2 Earnings
- Positive Sentiment: Barclays also maintained an Overweight rating, even though it trimmed its price target, which still implies meaningful upside and reflects continued analyst support. Barclays price target update on Elevance Health
- Neutral Sentiment: Elevance’s Q2 earnings call highlighted growth opportunities, but also acknowledged ongoing strain in parts of the business, making the near-term outlook more balanced than purely upbeat. Elevance Health earnings call: growth levers amid strain
- Negative Sentiment: Shares are being held back by margin pressure and concerns around the company’s Medicaid exposure, which some coverage framed as a reason the stock slipped despite the earnings beat. Elevance Health beats second-quarter forecasts but shares slide on margin pressure
- Negative Sentiment: Market commentary also noted ELV underperformed peers recently, indicating investor caution even after the earnings report. Elevance Health Inc. stock underperforms Thursday when compared to competitors
Insider Buying and Selling at Elevance Health
Analyst Upgrades and Downgrades
ELV has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Wells Fargo & Company dropped their price target on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a research report on Thursday. Cantor Fitzgerald increased their price objective on shares of Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Guggenheim raised their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research report on Thursday. Finally, TD Cowen lifted their target price on shares of Elevance Health from $400.00 to $465.00 and gave the company a “buy” rating in a research note on Tuesday. Fifteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $440.90.
Read Our Latest Report on Elevance Health
Elevance Health Stock Down 0.0%
Shares of ELV opened at $372.68 on Friday. The business’s 50 day moving average is $399.55 and its 200 day moving average is $355.35. The company has a market capitalization of $80.82 billion, a PE ratio of 16.56, a price-to-earnings-growth ratio of 2.10 and a beta of 0.67. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $436.24. The company has a current ratio of 1.52, a quick ratio of 1.48 and a debt-to-equity ratio of 0.68.
Elevance Health (NYSE:ELV – Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. During the same period in the previous year, the firm earned $8.84 EPS. The firm’s revenue was up .8% compared to the same quarter last year. Research analysts expect that Elevance Health, Inc. will post 27.05 earnings per share for the current fiscal year.
Elevance Health Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is 29.26%.
About Elevance Health
Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.
Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.
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