5 Best Stocks To Invest In 2023 For Beginners

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

Revenue Growth (YoY): 11.31%

3-Year Revenue Growth: 13.75%

Number of Hedge Fund Holders: 75

On April 19, Elevance Health, Inc. (NYSE:ELV) reported strong earnings for FQ1 2023. The company generated a revenue $41.90 billion, up 10.59% year over year and ahead of market consensus by $969.57 million. Elevance Health, Inc. (NYSE:ELV) reported an EPS of $9.46 and outperformed EPS estimates by $0.17. In fiscal 2022, the company’s annual revenue grew by 11.31% year over year. Elevance Health, Inc. (NYSE:ELV) is one of the best beginner stocks to invest in.

This April, Deutsche Bank raised its price target on Elevance Health, Inc. (NYSE:ELV) to $575 from $571 and reiterated a Buy rating on the shares.

At the end of the fourth quarter of 2022, 75 hedge funds were long Elevance Health, Inc. (NYSE:ELV) and disclosed stakes worth $6 billion in the company. As of December 31, Viking Global is the leading shareholder in the company and has a stake worth $960 million.

Sequoia Fund made the following comment about Elevance Health, Inc. (NYSE:ELV) in its Q4 2022 investor letter:

“Elevance Health, Inc. (NYSE:ELV)’s stock was Sequoia’s best performing stock this year, for all the same reasons that United’s stock performed well. For full-year 2022, Elevance’s revenues and EPS are expected to be up approximately 14% and 12%, respectively. Versus 2019, the company’s revenues and EPS are expected to have compounded at annual rates of 14% and 15%, respectively.

Elevance (renamed from Anthem in 2022) is, like United, primarily a managed care company. In terms of revenues and profits, it is big, but not quite as big as United. Further, it is less scaled and less diversified than United in non-insurance business lines. However, Elevance has its own strengths. It is the largest operator of for-profit Blue Cross Blue Shield plans in the country. Built up over the course of decades, these plans have unrivaled brand recognition as well as a network of provider relationships that is unique in terms of market coverage and negotiated rates.

Elevance has long been an advantaged business, but it has not always been particularly well run. In 2017, Gail Boudreaux, formerly a senior executive at United, took over the reins. She is experienced and results-oriented. We believe Boudreaux can help Elevance make more of the enviable position it has long enjoyed…” (Click here to read the full text)