Eminence Capital LP Purchases 17,408 Shares of Elevance Health, Inc. (NYSE:ELV)

Eminence Capital LP increased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 7.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 256,132 shares of the company’s stock after acquiring an additional 17,408 shares during the period. Elevance Health comprises about 2.2% of Eminence Capital LP’s portfolio, making the stock its 21st biggest position. Eminence Capital LP’s holdings in Elevance Health were worth $138,788,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Ameriprise Financial Inc. grew its position in Elevance Health by 5.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after acquiring an additional 190,118 shares during the last quarter. Capital International Investors grew its position in Elevance Health by 3.7% during the 1st quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after acquiring an additional 123,802 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after acquiring an additional 523,910 shares during the last quarter. First Eagle Investment Management LLC grew its position in shares of Elevance Health by 15.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after buying an additional 275,708 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Elevance Health by 1.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,867,551 shares of the company’s stock valued at $1,011,888,000 after buying an additional 23,872 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 over the last three months. Corporate insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price target on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. TD Cowen reduced their price target 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a research report on Friday, September 20th. Wells Fargo & Company reduced their price target on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Finally, Baird R W upgraded Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. One 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. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $604.29.

Elevance Health Stock Performance

Shares of ELV opened at $520.49 on Thursday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a 50 day moving average price of $535.75 and a two-hundred day moving average price of $529.87. The firm has a market capitalization of $120.70 billion, a P/E ratio of 19.67, a P/E/G ratio of 1.17 and a beta of 0.82. Elevance Health, Inc. has a 52 week low of $431.38 and a 52 week high of $567.26.

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

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Tuesday, September 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

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.