Renaissance Technologies LLC Buys Shares of 15,573 Elevance Health, Inc. $ELV

Renaissance Technologies LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the first quarter, Holdings Channel.com reports. The firm purchased 15,573 shares of the company’s stock, valued at approximately $4,559,000.

Several other large investors have also made changes to their positions in the company. M&T Bank Corp lifted its stake in shares of Elevance Health by 160.4% in the 4th quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock valued at $17,698,000 after purchasing an additional 31,101 shares during the last quarter. Solidarity Wealth LLC acquired a new position in Elevance Health during the fourth quarter worth $1,433,000. Manning & Napier Advisors LLC raised its holdings in Elevance Health by 1,423.1% during the fourth quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock valued at $129,152,000 after buying an additional 344,237 shares in the last quarter. Assetmark Inc. raised its holdings in Elevance Health by 21.8% during the fourth quarter. Assetmark Inc. now owns 105,688 shares of the company’s stock valued at $37,049,000 after buying an additional 18,913 shares in the last quarter. Finally, Mawer Investment Management Ltd. lifted its position in shares of Elevance Health by 10.9% in the fourth quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company’s stock worth $72,597,000 after buying an additional 20,438 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 0.1%

Shares of NYSE:ELV opened at $390.89 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The stock’s 50-day moving average is $396.55 and its 200-day moving average is $356.98. The company has a market cap of $84.77 billion, a P/E ratio of 17.37, a P/E/G ratio of 2.25 and a beta of 0.68. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter in the previous year, the firm earned $8.84 EPS. The firm’s revenue was up .8% compared to the same quarter last year. Equities research analysts predict that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio is currently 30.58%.

Analyst Ratings Changes

ELV has been the subject of several recent analyst reports. Cantor Fitzgerald upped their price target on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Barclays reduced their target price on Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. Weiss Ratings raised Elevance Health from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 18th. Leerink Partners increased their price target on Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a report on Friday, July 17th. Finally, Sanford C. Bernstein set a $488.00 price target on shares of Elevance Health in a research report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.