Point72 Asia Singapore Pte. Ltd. Makes New $2.86 Million Investment in Elevance Health, Inc. (NYSE:ELV)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 5,270 shares of the company’s stock, valued at approximately $2,855,000.

Several other institutional investors have also recently made changes to their positions in ELV. Sanders Capital LLC grew its position in Elevance Health by 4.6% during the fourth quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock worth $2,102,208,000 after buying an additional 196,010 shares in the last quarter. Capital International Investors grew its holdings in shares of Elevance Health by 3.7% during the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after purchasing an additional 123,802 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares during the last quarter. First Eagle Investment Management LLC raised its stake in Elevance Health by 15.5% in the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after purchasing an additional 275,708 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Elevance Health by 1.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,867,551 shares of the company’s stock worth $1,011,888,000 after buying an additional 23,872 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction 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 approximately $63,478,674.82. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s 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 transaction, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $600.00 price target on shares of Elevance Health in a research report on Friday, September 20th. Stephens restated an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a report on Thursday, September 5th. Baird R W raised shares of Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Finally, Royal Bank of Canada raised their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Elevance Health has an average rating of “Buy” and an average price target of $604.29.

Elevance Health Stock Down 1.1 %

Shares of Elevance Health stock opened at $527.87 on Wednesday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a 12-month low of $431.38 and a 12-month high of $567.26. The company has a market cap of $122.69 billion, a P/E ratio of 19.95, a PEG ratio of 1.19 and a beta of 0.82. The company’s fifty day simple moving average is $535.75 and its two-hundred day simple moving average is $529.87.

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

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid a $1.63 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.24%. Elevance Health’s payout ratio is 24.64%.

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.