Ranmore Fund Management Ltd Makes New $19.45 Million Investment in Elevance Health, Inc. $ELV

Ranmore Fund Management Ltd acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 50,000 shares of the company’s stock, valued at approximately $19,448,000. Elevance Health comprises approximately 7.8% of Ranmore Fund Management Ltd’s investment portfolio, making the stock its 9th biggest position.

Other hedge funds also recently bought and sold shares of the company. Wealth Alliance LLC raised its stake in shares of Elevance Health by 33.6% in the 2nd quarter. Wealth Alliance LLC now owns 1,596 shares of the company’s stock valued at $621,000 after acquiring an additional 401 shares during the period. M&G PLC lifted its stake in Elevance Health by 16.8% during the 2nd quarter. M&G PLC now owns 930,293 shares of the company’s stock worth $361,884,000 after acquiring an additional 133,992 shares in the last quarter. Forsta AP Fonden grew its position in Elevance Health by 9.2% in the 2nd quarter. Forsta AP Fonden now owns 78,100 shares of the company’s stock valued at $30,378,000 after acquiring an additional 6,600 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in Elevance Health by 1.0% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 317,054 shares of the company’s stock worth $123,321,000 after purchasing an additional 3,268 shares during the period. Finally, National Pension Service lifted its position in shares of Elevance Health by 1.0% during the second quarter. National Pension Service now owns 536,395 shares of the company’s stock worth $208,636,000 after purchasing an additional 5,308 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In related news, Director Susan D. Devore acquired 1,200 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was bought at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director owned 3,502 shares of the company’s stock, valued at $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $315.06 on Wednesday. The company has a fifty day moving average of $328.95 and a two-hundred day moving average of $342.64. The company has a market capitalization of $70.02 billion, a PE ratio of 12.88, a P/E/G ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $458.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56.

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

Elevance Health Announces Dividend

The firm also recently disclosed 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. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 27.96%.

Analyst Ratings Changes

Several research firms have commented on ELV. Leerink Partnrs downgraded shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 17th. Bank of America raised their target price 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. Zacks Research raised shares of Elevance Health from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Cowen reaffirmed a “buy” rating on shares of Elevance Health in a research report on Thursday, October 23rd. Finally, Barclays dropped their target price on Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. Twelve analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $397.33.

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.