Spears Abacus Advisors LLC Has $28.64 Million Stake in Elevance Health, Inc. (NYSE:ELV)
Spears Abacus Advisors LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV – Free Report) by 1,301.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 64,456 shares of the company’s stock after buying an additional 59,858 shares during the period. Elevance Health accounts for about 2.3% of Spears Abacus Advisors LLC’s portfolio, making the stock its 15th biggest holding. Spears Abacus Advisors LLC’s holdings in Elevance Health were worth $28,637,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in ELV. Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Elevance Health by 97,501.7% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 83,475,802 shares of the company’s stock worth $37,087,464,000 after purchasing an additional 83,390,275 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Elevance Health by 4.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,277,170 shares of the company’s stock worth $6,104,976,000 after purchasing an additional 551,614 shares during the period. Geode Capital Management LLC increased its stake in shares of Elevance Health by 1.5% during the second quarter. Geode Capital Management LLC now owns 4,341,458 shares of the company’s stock worth $1,923,163,000 after purchasing an additional 63,121 shares during the period. Sanders Capital LLC increased its stake in shares of Elevance Health by 3.5% during the first quarter. Sanders Capital LLC now owns 4,017,654 shares of the company’s stock worth $1,847,357,000 after purchasing an additional 135,877 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Elevance Health by 12.9% during the first quarter. Ameriprise Financial Inc. now owns 3,622,916 shares of the company’s stock worth $1,664,416,000 after purchasing an additional 414,592 shares during the period. 87.80% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, CAO Ronald W. Penczek sold 64 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $454.35, for a total value of $29,078.40. Following the transaction, the chief accounting officer now directly owns 2,842 shares of the company’s stock, valued at approximately $1,291,262.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.35% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the company. JPMorgan Chase & Co. lowered their price objective on Elevance Health from $569.00 to $552.00 and set an “overweight” rating on the stock in a research note on Friday, November 17th. Morgan Stanley raised their price objective on Elevance Health from $585.00 to $587.00 and gave the stock an “overweight” rating in a research note on Thursday, October 19th. Cantor Fitzgerald restated an “overweight” rating and set a $547.00 price objective on shares of Elevance Health in a research note on Tuesday, November 21st. Finally, StockNews.com assumed coverage on Elevance Health in a research note on Thursday, October 5th. They set a “strong-buy” rating on the stock. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $565.82.
Check Out Our Latest Research Report on ELV
Elevance Health Price Performance
Shares of ELV traded up $1.01 during midday trading on Friday, hitting $477.97. The company’s stock had a trading volume of 1,099,158 shares, compared to its average volume of 931,819. Elevance Health, Inc. has a one year low of $412.00 and a one year high of $544.01. The company’s fifty day simple moving average is $460.35 and its two-hundred day simple moving average is $455.67. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $112.30 billion, a price-to-earnings ratio of 18.77, a price-to-earnings-growth ratio of 1.20 and a beta of 0.84.
Elevance Health (NYSE:ELV – Get Free Report) last released its quarterly earnings data on Wednesday, October 18th. The company reported $8.99 earnings per share for the quarter, beating the consensus estimate of $8.45 by $0.54. Elevance Health had a return on equity of 20.71% and a net margin of 3.61%. The company had revenue of $42.48 billion for the quarter, compared to the consensus estimate of $42.69 billion. During the same quarter last year, the business posted $7.53 EPS. Elevance Health’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities analysts expect that Elevance Health, Inc. will post 33.06 earnings per share for the current fiscal year.
Elevance Health Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Wednesday, December 6th will be issued a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.24%. The ex-dividend date is Tuesday, December 5th. Elevance Health’s payout ratio is presently 23.24%.
Elevance Health Profile (Free Report)
Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.
Further Reading
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