Lecap Asset Management Ltd. Buys New Shares in Elevance Health, Inc. (NYSE:ELV)

by · The Cerbat Gem

Lecap Asset Management Ltd. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,862 shares of the company’s stock, valued at approximately $2,008,000.

Other hedge funds also recently bought and sold shares of the company. GAM Holding AG raised its holdings in Elevance Health by 0.8% in the third quarter. GAM Holding AG now owns 15,741 shares of the company’s stock valued at $8,185,000 after acquiring an additional 121 shares in the last quarter. Waldron Private Wealth LLC raised its holdings in shares of Elevance Health by 7.2% in the 3rd quarter. Waldron Private Wealth LLC now owns 1,143 shares of the company’s stock valued at $594,000 after purchasing an additional 77 shares in the last quarter. Eastern Bank purchased a new stake in shares of Elevance Health during the 3rd quarter worth $31,000. Sequoia Financial Advisors LLC grew its stake in shares of Elevance Health by 5.3% during the third quarter. Sequoia Financial Advisors LLC now owns 6,665 shares of the company’s stock worth $3,466,000 after purchasing an additional 337 shares in the last quarter. Finally, Foundations Investment Advisors LLC increased its holdings in Elevance Health by 15.4% in the third quarter. Foundations Investment Advisors LLC now owns 29,137 shares of the company’s stock valued at $15,151,000 after buying an additional 3,893 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Ratings Changes

ELV has been the subject of several recent analyst reports. Royal Bank of Canada decreased their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research report on Friday. Bank of America reissued a “neutral” rating and issued a $530.00 price target (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Wells Fargo & Company restated a “buy” rating on shares of Elevance Health in a research note on Friday. Finally, Morgan Stanley cut their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $551.07.

View Our Latest Analysis on ELV

Elevance Health Price Performance

Elevance Health stock opened at $419.84 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The business has a 50 day simple moving average of $522.44 and a 200-day simple moving average of $526.65. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. The stock has a market capitalization of $97.58 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82.

Elevance Health (NYSE:ELV – Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same period in the prior year, the firm posted $8.99 earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities analysts predict that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.55%. Elevance Health’s payout ratio is currently 24.64%.

Insider Buying and Selling at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred 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 approximately $4,647,610.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.

About Elevance Health

(Free Report)

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.

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