Marathon Asset Management 13F: Cuts ELV Stake by $18M
Key Points
- Marathon Asset Management's stake in Elevance Health is now valued at approximately $66.9 million, accounting for 5.3% of its total reported portfolio.
- Marathon Asset Management held 172,037 $ELV shares at quarter end, down 21.62% from the prior quarter.
- The fund ranks fifth among its 76 reported positions, reflecting a 21.6% decrease in its Elevance Health holdings.
- As of October 27, 2026, Elevance Health shares recently traded around $431.32, nearly equal to the closing price of $431.39 on the filing date.
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Marathon Asset Management cut its position in Elevance Health, Inc. (NYSE: ELV) by 47,453 shares in a filing on October 26, 2026. This reduction leaves the fund with a total of 172,037 shares, valued at about $66.9 million. The change represents a 21.6% decrease in their holdings of the healthcare company.
ELV
Elevance Health, Inc.
Where Elevance Health Fits in Marathon Asset Management's Portfolio
Elevance Health now makes up 5.3% of Marathon's total reported portfolio, ranking fifth among its 76 positions.
Other Institutional Activity in Elevance Health
J. Safra Sarasin Holding increased its stake in Elevance Health by 22,495 shares, bringing its total to 36,832 shares worth about $13.9 million. Meanwhile, Sanders Capital, LLC reduced its holdings by 69,556 shares, leaving it with 5,825,024 shares valued at approximately $2.5 billion.
Elevance Health, Inc. Stock Down 3.1%
As of October 27, 2026, Elevance Health shares were recently trading around $431.32, which is about equal to the closing price of $431.39 on October 26, 2026. This stability in price may indicate investor confidence in the company amidst recent trading activity.
Recent Earnings
In its latest earnings report, Elevance Health reported trailing twelve-month revenue of approximately $201.8 billion and earnings per share of $23.55. The next earnings report is expected on January 28, 2027.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
9 target raises vs 1 cuts.
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EPS & revenue
EPS beat estimates by 15.1%. Revenue beat estimates by 3.1%.
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Profit surprise
EBITDA missed by 25 percent. Operating income missed by 25 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
2 upgrades, 9 target raises, 1 target cut.
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Earnings quality
Gross margin down 9.6 points. Operating margin down 1.1 points. Positive free cash flow.
Earnings Call Summary
Elevance Health delivered stronger than expected first quarter results with earnings per share of $12.58 beating the $10.68 consensus. Revenue came in at $50.2 billion, above the $48.7 billion expected. The company is executing on cost management initiatives in Medicaid and Medicare, with favorable claims experience and improved performance from AI and care delivery programs through Carelon. Management highlighted strong commercial selling momentum for 2027 with record pipelines and employer focus on affordability.
Guidance Management raised full year adjusted earnings guidance to at least $26.75 per share. They expect 2027 earnings to grow at least 12 percent from a revised 2026 baseline of $25.75. The company is confident in this outlook based on improving cost trend management and better than expected first quarter performance.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Dividend
Elevance Health pays an annual dividend rate of $6.88 per share, with a payout ratio of 29.2%.
Insider Buying and Selling at Elevance Health, Inc.
Several insiders have made trades recently. Director Robert L. Dixon Jr. sold 151 shares on June 11, 2026, for about $60,667, while Officer Ronald W. Penczek sold 369 shares on June 12, 2026, for around $148,766. Additionally, on July 17, 2026, Director Ramiro G. Peru bought 1,000 shares at an average price of $366.05, totaling $366,050. CEO Gail A. Koziara Boudreaux also bought 2,725 shares on the same day, valued at approximately $1 million.
Analysts Set New Price Targets
On October 22, 2026, UBS and Guggenheim both maintained their Buy ratings on Elevance Health, with price targets of $523.00 and $485.00, respectively. Morgan Stanley maintained an Equal-Weight rating with a target of $449.00, while RBC Capital set a Sector Perform rating with a target of $455.00. TD Cowen also maintained a Buy rating with a target of $495.00 on October 23, 2026.
About Elevance Health
Elevance Health, Inc., based in Indianapolis, IN, operates as a health benefits company in the United States. It offers a range of services through segments including Health Benefits, CarelonRx, and Carelon Services. This strategic position in the healthcare industry is crucial as the company navigates changes and opportunities in the market.
Bottom Line
Investors should keep an eye on Elevance Health as it approaches its next earnings report on January 28, 2027. Additionally, further filings from Marathon Asset Management could provide more insights into its investment strategies.
Related Filing Alerts
Source: Marathon Asset Management's 13F filing on $ELV (Oct 26, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts