Caitong International Asset Management Co. Ltd Takes $70,000 Position in Elevance Health, Inc. $ELV

Caitong International Asset Management Co. Ltd bought a new stake in Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 180 shares of the company’s stock, valued at approximately $70,000.

A number of other hedge funds have also made changes to their positions in ELV. GAMMA Investing LLC raised its stake in shares of Elevance Health by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company’s stock valued at $1,475,000 after acquiring an additional 1,588 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Elevance Health by 2.2% in the 1st quarter. Oppenheimer & Co. Inc. now owns 5,744 shares of the company’s stock valued at $2,498,000 after acquiring an additional 123 shares during the period. Golden State Wealth Management LLC grew its holdings in Elevance Health by 129.2% during the 1st quarter. Golden State Wealth Management LLC now owns 463 shares of the company’s stock valued at $202,000 after purchasing an additional 261 shares in the last quarter. Pure Financial Advisors LLC grew its holdings in Elevance Health by 5.1% during the 1st quarter. Pure Financial Advisors LLC now owns 1,973 shares of the company’s stock valued at $858,000 after purchasing an additional 95 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in Elevance Health by 15.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company’s stock valued at $2,922,000 after purchasing an additional 913 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. This represents a 52.13% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

Shares of ELV stock opened at $342.45 on Friday. The firm has a market cap of $76.11 billion, a P/E ratio of 14.00, a P/E/G ratio of 1.26 and a beta of 0.59. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.44. 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 of $327.09 and a two-hundred day moving average of $353.39.

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

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is currently 27.96%.

Analysts Set New Price Targets

ELV has been the subject of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on shares of Elevance Health in a report on Tuesday, October 14th. They set a “neutral” rating and a $343.00 price target for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Elevance Health in a report on Friday. Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Argus reaffirmed a “hold” rating on shares of Elevance Health in a report on Monday, July 21st. Finally, Bank of America raised their price target on shares of Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a report on Friday, October 10th. Twelve analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $397.89.

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.