Magnetar Financial LLC Makes New Investment in Elevance Health, Inc. (NYSE:ELV)

Magnetar Financial LLC bought a new position in Elevance Health, Inc. (NYSE:ELV) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,250 shares of the company’s stock, valued at approximately $648,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Lazard Asset Management LLC grew its stake in Elevance Health by 12.3% in the first quarter. Lazard Asset Management LLC now owns 142,757 shares of the company’s stock valued at $74,023,000 after purchasing an additional 15,586 shares during the last quarter. LRI Investments LLC purchased a new position in Elevance Health in the first quarter valued at about $865,000. 1832 Asset Management L.P. grew its stake in Elevance Health by 7.2% in the first quarter. 1832 Asset Management L.P. now owns 621,360 shares of the company’s stock valued at $322,200,000 after purchasing an additional 41,605 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. grew its stake in Elevance Health by 20.0% in the first quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 600 shares of the company’s stock valued at $311,000 after purchasing an additional 100 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC grew its stake in Elevance Health by 2.4% in the first quarter. Stonebridge Capital Advisors LLC now owns 5,345 shares of the company’s stock valued at $2,772,000 after purchasing an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling 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 sale, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 126,709 shares in the company, valued at $63,478,674.82. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Truist Financial boosted their price target on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Wells Fargo & Company dropped their target price 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. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Mizuho boosted their price target on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, UBS Group boosted their price target on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $604.29.

Elevance Health Trading Down 0.7 %

ELV traded down $3.90 during mid-day trading on Monday, hitting $523.60. 71,391 shares of the stock were exchanged, compared to its average volume of 1,058,520. The firm’s fifty day moving average is $530.22 and its two-hundred day moving average is $516.31. Elevance Health, Inc. has a 1-year low of $431.38 and a 1-year high of $555.35. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The company has a market cap of $121.42 billion, a PE ratio of 19.94, a PEG ratio of 1.17 and a beta of 0.84.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion for 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%. Elevance Health’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.04 EPS. Equities analysts forecast that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio is currently 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.