10 Cheap Large Cap Stocks to Buy According to Hedge Funds

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

Market Cap: $78.95 billion

Forward P/E: 10.14

Number of Hedge Fund Holders: 75

Elevance Health, Inc. (NYSE:ELV) is one of the 10 Cheap Large Cap Stocks to Buy According to Hedge Funds. On June 18, Wells Fargo analyst Stephen Baxter maintained a Buy rating on Elevance Health, Inc. (NYSE:ELV) and set a price target of $478.00.

The company reported positive fiscal Q1 2025 results, with operating revenue for the quarter reaching $48.8 billion, up 15.4% from fiscal Q1 2024. Elevance Health, Inc. (NYSE:ELV) also reported $3.3 billion in adjusted operating gains, reflecting a 4.1% growth compared to the same period last year.

Elevance Health, Inc. (NYSE:ELV) offers telehealth services to its customers, reporting in 2024 that the company conducted more than 800,000 virtual visits in 2023. This health company operates through the following segments: Health Benefits, CarelonRx, Carelon Services, and Corporate and Other.

The Health Benefits segment offers a range of health plans and services, while the CarelonRx segment manages pharmacy services. The Carelon Services segment offers various healthcare-related services by integrating behavioral, physical, pharmacy, and social services.