Trajan Wealth LLC has significantly increased its investment in Elevance Health, Inc. (NYSE:ELV) by 23.7% during the first quarter of 2024. According to a recent filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 64,781 shares of Elevance Health after acquiring an additional 12,400 shares during this period. This stake represents approximately 1.5% of Trajan Wealth’s overall investment portfolio, marking Elevance Health as its 16th largest position.
At the conclusion of the latest reporting period, Trajan Wealth’s holdings in Elevance Health were valued at approximately $28.2 million. The firm is not alone in its investment strategy, as several other hedge funds have also adjusted their positions in the company. For instance, CWA Asset Management Group LLC established a new position valued at around $299,000 in the first quarter, while GAMMA Investing LLC expanded its holdings by 88.1%, now owning 3,390 shares worth $1.475 million.
Moreover, Ritholtz Wealth Management increased its stake by 185.7%, owning 3,083 shares valued at $1.341 million after purchasing 2,004 additional shares. Similarly, Sequoia Financial Advisors LLC boosted its holdings by 15.7%, resulting in ownership of 6,717 shares worth $2.922 million. Lastly, Wealth Enhancement Advisory Services LLC raised its investment by 36.8%, bringing its total to 27,566 shares valued at $11.991 million. Overall, hedge funds and institutional investors collectively own approximately 89.24% of Elevance Health’s stock.
Insider Trading and Financial Performance
In a notable insider transaction, Elevance Health’s CEO, Gail Boudreaux, purchased 8,500 shares on July 18, 2024, at an average price of $286.94 per share. This acquisition, valued at $2.439 million, increased her total ownership to 151,020 shares, equating to approximately $43.3 million. This transaction was disclosed in a formal filing available through the SEC.
Elevance Health, which operates as a health benefits company in the United States, recently reported its quarterly earnings for the second quarter on July 17, 2024. The company disclosed earnings per share (EPS) of $8.84, falling short of analysts’ expectations of $9.30 by $0.46. Despite this, Elevance Health achieved a revenue of $49.42 billion, exceeding projections of $48.26 billion, marking a 14.3% increase compared to the same quarter the previous year.
The company’s net margin stood at 2.83%, with a return on equity of 17.59%. Analysts project that Elevance Health will report an EPS of $33.96 for the current fiscal year.
Dividend Announcement and Market Overview
On the financial front, Elevance Health announced a quarterly dividend of $1.71 per share, which is set to be paid on September 25, 2024. Shareholders on record as of September 10, 2024, will be eligible for this dividend, translating to an annualized yield of 2.4%. The dividend payout ratio currently stands at 29.11%.
As of the latest trading session, Elevance Health’s shares opened at $290.80, with a market capitalization of $65.48 billion. The firm has a price-to-earnings (P/E) ratio of 12.37 and a beta of 0.58. The stock has seen a 52-week low of $273.71 and a high of $567.26. Its moving averages indicate a 50-day average of $338.45 and a 200-day average of $384.51.
Elevance Health continues to solidify its position in the healthcare market, attracting significant investments and maintaining a robust operational structure. As the company navigates the complexities of the health benefits industry, its financial performance and strategic moves will be closely monitored by analysts and investors alike.
