Edgestream Partners L.P. Makes New $1.23 Million Investment in Elevance Health, Inc. $ELV

Edgestream Partners L.P. purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,154 shares of the company’s stock, valued at approximately $1,227,000.

Several other hedge funds have also made changes to their positions in the company. Aspen Investment Management Inc raised its stake in Elevance Health by 2.6% during the 1st quarter. Aspen Investment Management Inc now owns 1,048 shares of the company’s stock valued at $456,000 after purchasing an additional 27 shares during the period. Regatta Capital Group LLC grew its holdings in shares of Elevance Health by 3.0% during the second quarter. Regatta Capital Group LLC now owns 1,041 shares of the company’s stock valued at $405,000 after buying an additional 30 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Elevance Health by 1.5% during the first quarter. Smartleaf Asset Management LLC now owns 2,163 shares of the company’s stock valued at $934,000 after buying an additional 32 shares during the period. Accurate Wealth Management LLC lifted its stake in Elevance Health by 4.9% in the 2nd quarter. Accurate Wealth Management LLC now owns 707 shares of the company’s stock worth $275,000 after acquiring an additional 33 shares in the last quarter. Finally, Capital Analysts LLC boosted its position in Elevance Health by 6.5% during the 1st quarter. Capital Analysts LLC now owns 577 shares of the company’s stock worth $251,000 after acquiring an additional 35 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 0.9%

Shares of NYSE:ELV opened at $330.34 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $73.41 billion, a PE ratio of 13.51, a P/E/G ratio of 1.54 and a beta of 0.52. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $458.75. The firm has a fifty day moving average price of $334.22 and a 200 day moving average price of $333.89.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.03 by $1.00. The company had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The business’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.37 earnings per share. Analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a yield of 2.1%. Elevance Health’s dividend payout ratio is presently 27.96%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ELV. Truist Financial set a $400.00 target price on Elevance Health in a report on Tuesday, October 14th. TD Cowen increased their target price on shares of Elevance Health from $380.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, November 26th. Sanford C. Bernstein decreased their target price on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating for the company in a research note on Thursday, October 16th. Guggenheim upped their price target on shares of Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Finally, UBS Group cut their price objective on Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a report on Friday, September 5th. Twelve research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $398.44.

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.