Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
The Sound Shore Fund Harry Burn, III; John P. DeGulis; T. Gibbs Kane, Jr. | “Away from tech, health benefits leader Elevance Health was a strong contributor. Elevance offers network-based managed care plans to large and small employer, individual, Medicaid, and Medicare markets. We identified the stock after it had sold off on investor concerns over regulatory risk and weak margins in its Medicaid and Medicare businesses. Trading below normal at 13 times earnings with double digit earnings growth, we feel the market is underestimating the strength of the franchise. Management is focused on improving margins in the near term and the company consistently returns capital to shareholders via stock repurchases and dividends. Of note, CEO Gail Boudreaux has highlighted that internal artificial intelligence tools have slashed prior authorization denials by nearly 70% and optimized payment integrity. This translates directly into lower administrative overhead and expanding operating margins, proving that the productivity benefits of AI are reverberating far beyond the technology sector itself.” | BULL | Q2 2026 Jul 30, 2026 | View Pitch |
GreensKeeper Value Fund Michael P. McCloskey | “Elevance Health (ELV) was another strong contributor during the quarter, gaining 32.1%. Profitability has begun to turn the corner following a challenging period marked by elevated medical cost inflation across its government-sponsored insurance plans. While medical utilization remains elevated, cost trends have stabilized into a more predictable pattern, and government reimbursement updates were more favorable than expected. We anticipate 2026 will mark the bottom for operating margins, with disciplined repricing and better alignment between premiums and medical expenses driving an earnings recovery in 2027. Our investment thesis remains grounded in the strength of ELV's commercial health insurance franchise, which continues to perform well and provides a durable foundation for the company's long-term earnings power.” | BULL | Q2 2026 Jul 29, 2026 | View Pitch |
Hotchkis & Wiley Large Cap Fundamental Value Portfolio Manager | “Elevance Health Inc. (ELV) is the second largest health insurer, and one of the largest commercial insurers in the United States. Shares rose during the quarter after the company reported quarterly earnings that beat consensus estimates. It was further supported by news that the US agreed to increase 2027 payments for private Medicare Advantage plans above the initial proposal. The company is priced at a discount to the market, driven by skepticism surrounding margins and growth, despite being a superior business that grows above gross domestic product while returning most of its cash to shareholders.” | NEUTRAL | Q2 2026 Jul 28, 2026 | View Pitch |
Vulcan Value Partners - All Cap C.T. Fitzpatrick | “UnitedHealth and Elevance are the two largest private health insurers in the country, serving a combined 94 million members. We have owned Elevance for several years. Like UnitedHealth Group, their government sponsored plans including Medicaid, Medicare Advantage (MA), and the ACA Health Exchanges have faced margin pressure driven by the post-Covid hangover. Elevance is adjusting to this post-Covid environment and we believe that its earnings should return to double digit growth next year. Similar to UnitedHealth Group, 'Mr. Market' is beginning to recognize that Elevance's fundamentals remain strong and its discounted shares are beginning to recover.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
Vulcan Value Partners - Large Cap C.T. Fitzpatrick | “We have owned Elevance for several years. Like UnitedHealth Group, their government sponsored plans including Medicaid, Medicare Advantage (MA), and the ACA Health Exchanges have faced margin pressure driven by the post-Covid hangover. Elevance is adjusting to this post-Covid environment, and we believe that its earnings should return to double-digit growth next year. Similar to UnitedHealth Group, 'Mr. Market' is beginning to recognize that Elevance's fundamentals remain strong and its discounted shares are beginning to recover.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
Baron Health Care Fund Neal Kaufman | “We re-established positions in two previously owned managed care companies, UnitedHealth Group Incorporated and Elevance Health, Inc. Both companies manage diversified portfolios, providing insurance and health care services to Commercial, Exchange, Medicaid and Medicare Advantage members. We believe that the insurance cycle is turning more favorable for these companies, particularly in their Medicare Advantage businesses. After several years of elevated utilization trends, inadequate reimbursement, and regulatory challenges coupled with aggressive pricing to drive share gains, which drove operating margins to depressed levels, UnitedHealth and Elevance have exited unprofitable Medicare Advantage markets and products, right-sized benefits, and are now in the process of rebuilding profitability. We further think that the application of AI will enable them to take a significant bite out of administrative costs as well. Finally, we believe that the earnings power of both companies is well above current levels assuming they can approach their long-term target margins over the next few years. If we further assume a reasonable multiple on future earnings power, we believe there is substantial upside in both stocks.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
VVP Q2 Letter 06.30.26 Portfolio Manager | “Elevance Health has navigated transient margin pressures within its government-sponsored insurance plans following the pandemic. The manager expects a return to double-digit earnings growth next year as operations normalize and the market rewards its strong fundamentals.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
Sequoia Fund Arman Gökgöl-Kline, John Harris, Trevor Magyar | “Our investments in Elevance Health, Inc. (“Elevance”) are instructive in this regard. We bought our first shares two years after United, when Covid-induced swings in healthcare utilization pressured its earnings. Elevance's business initially performed well, aided by swelling government-funded rolls and subdued utilization, and the stock benefited from investor demand for perceived defensive healthcare names. Recognizing that valuations were on the high side of fair, we sold nearly half our holdings in 2022. The managed care industry then entered a period of fundamental stress as utilization surged and repricing lagged. Elevance's shares declined approximately 3% in 2025 after a much larger drawdown the prior year. Both Elevance and United are now under-earning across most business lines. We believe Elevance is attractive at current levels and added modestly during the year. BSD Analysis: Elevance Health is navigating a period of margin pressure in 2026, with management projecting profits slightly below some Street estimates due to membership shifts. Despite recent post-earnings bounces, the company faces headwinds from a modest Medicare Advantage rate proposal that has dampened near-term investor sentiment. To counter these industry-wide challenges, Elevance is leaning on its integrated health care and benefit delivery model to stabilize its long-term outlook. Analysts suggest the stock could be a rebound candidate given its historically bullish technical signals and strong position in the managed-care market. The company's strategic focus on government-sponsored programs and specialty health plans remains a core earnings driver. For 2026, the key for investors will be the firm's ability to manage medical cost trends effectively while transitioning its Medicaid portfolio.” | BULL | Q4 2025 Jan 30, 2026 | View Pitch |
Meditation Capital Tim Liu | “Over the summer, as health insurance stocks cratered amidst guide-downs from UnitedHealth, Centene, and others, we bought a large position in Elevance Health, a diversified health insurer known for its portfolio of Anthem Blue Cross Blue Shield plans. Elevance operates in Medicaid, Medicare, commercial group insurance, federal employee plans, ACA marketplace coverage, and pharmacy and direct care services. The company trades at roughly 13x 2026 earnings and about 7x our estimate of 2030 earnings, despite current earnings being 33–45% below normalized levels due to temporary cost overruns. We believe margins will normalize as insurers reprice policies, supported by the short-tail nature of health insurance and regulatory requirements for actuarially sound rates. In the meantime, Elevance is using cash flow to buy back shares, make acquisitions, and invest in higher-margin pharmacy and care delivery businesses, setting the stage for strong long-term EPS growth. BSD Analysis: Elevance is a scaled managed-care operator with a diversified book across commercial, Medicare, and Medicaid lives. Its Carelon platform adds higher-margin services such as pharmacy, analytics, and care delivery, improving mix and resilience. Medical cost trends create periodic volatility, but scale and data advantages allow Elevance to reprice risk more effectively than smaller peers. Government program exposure provides growth but also regulatory noise. Cash flow is strong and supports consistent capital returns. Execution quality has historically been solid, even in choppy utilization environments. Elevance is a steady healthcare compounder with improving business mix.” | BULL | Q4 2025 Jan 20, 2026 | View Pitch |
Pelican Bay Capital Management Tyler Hardt, CFA | “Elevance Health shares rose as investors reassessed the sector's outlook following UnitedHealth's regulatory issues. The company's disciplined pricing, net cash balance sheet, and integrated PBM model (Carelon) underpin strong execution. Management expects EPS to normalize toward $34–$40 per share as Medicare margins recover in 2026. :contentReference[oaicite:9]{index=9} BSD Analysis: Elevance's conservative underwriting, integrated PBM, and capital-light business model create sustainable competitive advantages. Industry repricing in Medicare and Medicaid should restore profitability and catalyze EPS recovery. With double-digit ROIC, steady buybacks, and potential market share gains from UNH, ELV offers a defensive growth compounder profile with 30–40% upside over the medium term.” | BULL | Q3 2025 Oct 20, 2025 | View Pitch |
First Eagle Global Fund First Eagle Investment Management, LLC | “Shares of Elevance Health, the health insurer and healthcare-services provider formerly known as Anthem, traded lower on concerns about reductions in Medicaid coverage and increased utilization of services. The company reported a decline in earnings for its most recent quarter and reduced its forward guidance. We believe that margins will eventually stabilize as higher premiums cycle through its customer base. We continue to view Elevance as a well-managed company positioned to benefit from long-term secular demand for its managed care services in the US. BSD Analysis: Near-term MLR pressure appears cyclical; pricing resets and acuity adjustment should restore margins in 2026. ELV's diversified book, disciplined underwriting, and services adjacencies (Carelon) support EPS compounding. Trading below peers on P/E with strong FCF and buybacks, the setup is favorable for multiple normalization.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
