5 Stocks Billionaire Leon Cooperman Just Bought and Sold

2. Elevance Health, Inc. (NYSE:ELV)

Omega Advisors’ Stake Value: $51.44 million

Elevance Health, Inc. (NYSE:ELV) functions as a health benefits firm that offers different services. The company is divided into four segments – Commercial & Specialty Business, Government Business, CarelonRx, and Other. Its primary focus is assisting individuals, families, and communities throughout their healthcare journey by providing access to care, support, and resources for healthier living. Elevance Health, Inc. (NYSE:ELV) delivers a range of medical, digital, pharmacy, behavioral, clinical, and care solutions to serve people’s needs. Leon Cooperman increased his Elevance Health, Inc. (NYSE:ELV) stake by 97% in Q3 2023 by purchasing 118,140 shares worth $51.44 million.

On October 18, Elevance Health, Inc. (NYSE:ELV) declared a $1.48 per share quarterly dividend, in-line with previous. It is to be paid on December 21 to shareholders of record as of December 6.

According to Insider Monkey’s second quarter database, 82 hedge funds were bullish on Elevance Health, Inc. (NYSE:ELV), compared to 81 in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest shareholder of the company, with 1.8 million shares worth $802 million.

ClearBridge Large Cap Value Strategy made the following comment about Elevance Health, Inc. (NYSE:ELV) in its Q3 2023 investor letter:

“Our health care positioning also fared well. We continue to maintain an overweight position to managed care companies via long-term holdings in UnitedHealth and Elevance Health, Inc. (NYSE:ELV), as we believe the short cycle nature of their insurance franchises allows them to reprice their book of business in a relatively short time frame, even if health care costs come in higher than previously anticipated.”

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