Trajan Wealth LLC has expanded its investment in Elevance Health, Inc. (NYSE: ELV) by 23.7% during the first quarter of 2023. This increase follows a recent filing with the Securities and Exchange Commission (SEC) and reflects Trajan Wealth’s commitment to the healthcare sector. After acquiring an additional 12,400 shares, the institutional investor now holds a total of 64,781 shares in Elevance Health, which constitutes 1.5% of its investment portfolio, making it the firm’s 16th largest position.
The value of Trajan Wealth’s holdings in Elevance Health is approximately $28.18 million at the close of the latest reporting period. Other institutional investors have also shown interest in Elevance Health; for instance, CWA Asset Management Group LLC initiated a new position valued at about $299,000. Meanwhile, GAMMA Investing LLC significantly increased its holdings by 88.1%, now owning 3,390 shares valued at $1.48 million after purchasing an additional 1,588 shares.
Another notable increase came from Ritholtz Wealth Management, which grew its stake by 185.7%, now holding 3,083 shares valued at $1.34 million. Similarly, Wealth Enhancement Advisory Services LLC raised its holdings by 36.8%, owning 27,566 shares worth $11.99 million. Overall, institutional investors and hedge funds own 89.24% of Elevance Health’s stock.
Insider Transactions and Stock Performance
In a separate development, Elevance Health’s CEO, Gail Boudreaux, purchased 8,500 shares of the company’s stock on July 18, 2023, at an average price of $286.94 per share, totaling $2.44 million. Following this transaction, Boudreaux’s total ownership in the company reached 151,020 shares, valued at approximately $43.33 million. This acquisition represents a 5.96% increase in her stake. The details of the transaction were disclosed in a filing with the SEC, which can be accessed on their official website.
Currently, insiders hold 0.29% of Elevance Health’s stock, indicating significant ownership among institutional investors.
As of Tuesday, Elevance Health’s stock opened at $290.80. The company boasts a market capitalization of $65.48 billion, with a price-to-earnings (P/E) ratio of 12.37 and a beta of 0.58. The stock has seen fluctuations, with a 52-week low of $273.71 and a high of $567.26. Its moving averages are currently sitting at $338.45 for the past 50 days and $384.51 for the last 200 days.
Elevance Health’s recent financial results, announced on July 17, 2023, indicated earnings of $8.84 per share (EPS), falling short of analyst expectations of $9.30 by $0.46. Despite this, the company reported a revenue of $49.42 billion for the quarter, exceeding projections of $48.26 billion. This is a notable increase of 14.3% year-over-year, though EPS has decreased from $10.12 during the same quarter last year.
Dividend Announcement
In addition to its stock performance, Elevance Health declared a quarterly dividend of $1.71 per share, set to be paid on September 25, 2023, to stockholders recorded on September 10, 2023. This dividend translates to an annualized rate of $6.84, yielding approximately 2.4%. The company maintains a payout ratio of 29.11%, indicating a sustainable distribution of earnings to shareholders.
Elevance Health operates as a prominent health benefits company in the United States, providing a diverse range of health plans and services through its various segments, including Health Benefits, CarelonRx, and Carelon Services. The company’s comprehensive offerings highlight its significant role in the healthcare landscape.
