Trajan Wealth LLC has increased its stake in Elevance Health, Inc. (NYSE: ELV) by 23.7% during the first quarter of 2023, as revealed in a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 64,781 shares of Elevance Health, following the acquisition of an additional 12,400 shares during this period. Elevance Health represents 1.5% of Trajan Wealth’s overall investment portfolio, ranking as its 16th largest position. The value of Trajan Wealth’s holdings in the company reached approximately $28,177,000 by the end of the reporting period.
In addition to Trajan Wealth, several other hedge funds have actively bought and sold shares of Elevance Health recently. Notably, CWA Asset Management Group LLC acquired a new position in the company valued at around $299,000. Meanwhile, GAMMA Investing LLC increased its stake by 88.1%, now owning 3,390 shares worth $1,475,000 after purchasing an additional 1,588 shares in the same quarter. Ritholtz Wealth Management also made significant gains, growing its holdings by 185.7% to now possess 3,083 shares valued at $1,341,000, following the acquisition of 2,004 shares.
Sequoia Financial Advisors LLC and Wealth Enhancement Advisory Services LLC have similarly expanded their investments, with the former increasing its holdings by 15.7% to own 6,717 shares valued at $2,922,000, and the latter growing its stake by 36.8%, now holding 27,566 shares worth $11,991,000. Overall, hedge funds and institutional investors own approximately 89.24% of Elevance Health’s stock.
CEO Purchases Shares
In a notable insider transaction, Elevance Health’s CEO, Gail Boudreaux, purchased 8,500 shares of the company on July 18th, at an average price of $286.94 per share. The total transaction amounted to $2,438,990. Following this acquisition, Boudreaux’s total ownership in Elevance Health increased to 151,020 shares, valued at approximately $43,333,678.80. This transaction was disclosed in a legal filing with the SEC, which is publicly accessible. Insiders currently hold 0.29% of the company’s stock.
Market Performance and Financial Updates
On the trading front, Elevance Health shares opened at $290.80 on Tuesday, reflecting a 1.1% decline. The company’s market capitalization stands at $65.48 billion, with a price-to-earnings (P/E) ratio of 12.37 and a P/E growth (P/E/G) ratio of 1.08. The firm’s 50-day moving average is $338.45, while the 200-day moving average is $384.51. The stock has experienced a 52-week low of $273.71 and a high of $567.26.
Elevance Health recently announced its quarterly earnings, reporting earnings per share (EPS) of $8.84 for the last quarter, which fell short of analysts’ expectations of $9.30 by $0.46. The company achieved a revenue of $49.42 billion, exceeding the forecast of $48.26 billion. This represents a year-over-year revenue growth of 14.3%, although EPS has decreased from $10.12 in the same quarter last year. Analysts project that Elevance Health will post an EPS of 33.96 for the current fiscal year.
In addition to its financial performance, Elevance Health declared a quarterly dividend of $1.71 per share, set to be paid on September 25th. Shareholders of record by September 10th will receive this dividend, which equates to an annualized payout of $6.84 and a dividend yield of 2.4%. The company currently maintains a payout ratio of 29.11%.
Elevance Health, Inc. operates as a health benefits company across the United States, with various segments including Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. The company offers a range of health plans, products, and services to its members, along with specialty insurance products such as dental, vision, life, and disability insurance.