Elevance Health, Inc. (NYSE:ELV) Position Boosted by Magnetar Financial LLC

Magnetar Financial LLC increased its holdings in Elevance Health, Inc. (NYSE:ELV) by 524.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,808 shares of the company’s stock after buying an additional 6,558 shares during the quarter. Magnetar Financial LLC’s holdings in Elevance Health were worth $4,231,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Bell Investment Advisors Inc lifted its position in Elevance Health by 2.1% in the fourth quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock worth $466,000 after purchasing an additional 20 shares during the period. Capital Advisors Ltd. LLC lifted its position in Elevance Health by 8.8% in the first quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock worth $129,000 after purchasing an additional 20 shares during the period. Bedel Financial Consulting Inc. lifted its position in Elevance Health by 1.6% in the first quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock worth $647,000 after purchasing an additional 20 shares during the period. American Trust lifted its position in Elevance Health by 2.6% in the first quarter. American Trust now owns 775 shares of the company’s stock worth $402,000 after purchasing an additional 20 shares during the period. Finally, Sage Rhino Capital LLC lifted its position in Elevance Health by 4.6% in the first quarter. Sage Rhino Capital LLC now owns 474 shares of the company’s stock worth $246,000 after purchasing an additional 21 shares during the period. 89.24% of the stock is owned by institutional investors.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $539.86 on Monday. The company’s fifty day moving average is $536.19 and its two-hundred day moving average is $529.47. The company has a quick ratio of 1.49, a current 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 $125.47 billion, a P/E ratio of 20.40, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82.

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

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 target price on shares of Elevance Health in a research report on Friday. Wells Fargo & Company cut their price objective on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. JPMorgan Chase & Co. increased their price objective on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Robert W. Baird initiated coverage on Elevance Health in a research report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective for the company. Finally, Royal Bank of Canada increased their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $604.29.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following 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 document filed with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is owned by insiders.

Elevance Health Company 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.