Arrowstreet Capital Limited Partnership Has $358.85 Million Stake in Elevance Health, Inc. $ELV

Arrowstreet Capital Limited Partnership trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 9.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,225,800 shares of the company’s stock after selling 121,189 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Elevance Health were worth $358,853,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP raised its stake in Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after purchasing an additional 1,668,679 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock worth $2,610,261,000 after purchasing an additional 1,607,274 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Elevance Health by 10.0% during the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company’s stock worth $1,764,231,000 after purchasing an additional 455,946 shares during the period. First Eagle Investment Management LLC increased its holdings in shares of Elevance Health by 0.6% during the 4th quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company’s stock worth $1,410,219,000 after purchasing an additional 24,271 shares during the period. Finally, Invesco Ltd. raised its position in shares of Elevance Health by 50.3% during the fourth quarter. Invesco Ltd. now owns 3,903,878 shares of the company’s stock valued at $1,368,505,000 after buying an additional 1,306,390 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $378.48 on Friday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $82.08 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 2.24 and a beta of 0.67. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $436.24. The firm’s 50-day moving average price is $399.00 and its two-hundred day moving average price is $356.37.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter in the previous year, the company posted $8.84 earnings per share. Elevance Health’s quarterly revenue was up .8% compared to the same quarter last year. On average, equities analysts predict that Elevance Health, Inc. will post 27.08 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is currently 30.58%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ELV shares. Guggenheim increased their target price on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Raymond James Financial set a $450.00 price target on Elevance Health in a report on Tuesday, July 7th. Citigroup upgraded Elevance Health to a “buy” rating in a research report on Wednesday, April 29th. Wall Street Zen lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Deutsche Bank Aktiengesellschaft upgraded Elevance Health from a “hold” rating to a “buy” rating and boosted their price objective for the company from $363.00 to $498.00 in a research report on Wednesday, May 20th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health Company Profile

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.