SCHEDULE: FMR LLC Discloses 8.0% Stake in Evolent Health
Beneficial Ownership Disclosure
FMR LLC and its affiliates, including Abigail P. Johnson, reported an 8.0% beneficial ownership stake in Evolent Health Inc.'s Class A Common Stock as of September 30, 2025.
Summary
- FMR LLC and Abigail P. Johnson, through various entities, beneficially own 9,416,813.32 shares of Evolent Health Inc.'s Class A Common Stock.
- This represents an 8.0% ownership stake in the company's Class A Common Stock.
- FMR LLC holds sole voting power over 9,387,845.20 shares and sole dispositive power over 9,416,813.32 shares.
- Abigail P. Johnson, as a control person of FMR LLC, is deemed to beneficially own the same aggregate amount of shares and percentage of the class.
- The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Evolent Health Inc.
- This filing is an Amendment No. 1 to a Schedule 13G, indicating an update to a previously reported ownership position.
Sentiment
Score: 7
Explanation: The filing indicates a significant, non-activist institutional investment by a reputable firm, which is generally a positive signal for the company's stability and perceived value. However, it provides no direct operational or financial performance data for Evolent Health Inc.
Positives
- A significant institutional investor, FMR LLC (Fidelity), holds an 8.0% stake, which can be seen as a vote of confidence in Evolent Health Inc.'s long-term prospects.
- The holding is for investment purposes in the ordinary course of business, not for activist intentions, suggesting stability in the ownership structure and no immediate pressure for corporate changes.
Negatives
- No specific negative information about Evolent Health Inc. is disclosed in this ownership filing.
Risks
- No specific risks related to Evolent Health Inc. are mentioned in this Schedule 13G filing, as it primarily serves as a disclosure of beneficial ownership.
Future Outlook
The filing does not contain any forward-looking statements or guidance regarding Evolent Health Inc.'s future performance or operations.
Management Comments
- The filing does not contain direct quotes or paraphrased statements from Evolent Health Inc. management. It includes certifications from FMR LLC and Abigail P. Johnson stating the securities were acquired and held in the ordinary course of business and not for control purposes.
Industry Context
The disclosure of a significant stake by a major asset manager like FMR LLC (Fidelity) in Evolent Health Inc., a company operating in the healthcare technology sector, suggests continued institutional interest in the industry. This type of investment indicates that large funds see value or growth potential in companies providing technology solutions to the evolving healthcare landscape, aligning with broader trends of digital transformation in healthcare.
Comparison to Industry Standards
- This filing is a standard disclosure of beneficial ownership by an institutional investor. The 8.0% stake is a substantial position, indicating a strong conviction in Evolent Health Inc. compared to typical passive index fund holdings.
- While specific comparable companies or projects are not detailed in this filing, such a significant stake by a prominent asset manager like Fidelity often signals a belief in the company's long-term strategy and market position within the healthcare technology sector, similar to how other large funds might take significant positions in peers like Teladoc Health, Veeva Systems, or HealthEquity.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director, Chairman, and Chief Executive Officer of FMR LLC | NA | Abigail P. Johnson | NA | Abigail P. Johnson's role is stated as the basis for her deemed beneficial ownership, not a change in management of Evolent Health Inc. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| NA | The filing does not detail any changes in Evolent Health Inc.'s bylaws, committees, policies, or procedures. It only outlines the ownership structure and control within FMR LLC. | NA | NA |
Legal Proceedings
- The filing does not mention any litigation or regulatory matters concerning Evolent Health Inc. or the reporting persons.
Related Party Transactions
- The filing does not disclose any related party dealings involving Evolent Health Inc. It details the relationship between FMR LLC and Abigail P. Johnson as a control person.
Stakeholder Impact
- Shareholders: The disclosure of a large institutional stake by FMR LLC may instill confidence among existing shareholders and attract new investors, potentially stabilizing or positively influencing the stock price.
- Management: The non-activist nature of the investment suggests FMR LLC is not seeking to influence control, allowing Evolent Health Inc. management to continue executing its strategy without immediate pressure from this specific shareholder.
Next Steps
- The filing does not mention any specific future actions, events, or milestones for Evolent Health Inc. or the reporting persons beyond the ongoing holding of the shares.
Key Dates
| Date | Description |
|---|---|
| 2023-01-03 | Effective date of Power of Attorney for FMR LLC. |
| 2023-01-10 | Date of Schedule 13G filing by FMR LLC where Power of Attorney is incorporated by reference. |
| 2023-01-26 | Effective date of Power of Attorney for Abigail P. Johnson. |
| 2023-01-31 | Date of Schedule 13G filing by FMR LLC where Abigail P. Johnson's Power of Attorney is incorporated by reference. |
| 2025-09-30 | Date of event which requires filing of this statement, reflecting beneficial ownership as of this date. |
| 2025-11-04 | Signature date of the Schedule 13G filing. |
Recommendation
holdThe filing indicates a substantial, passive investment by a major institutional fund, FMR LLC, in Evolent Health Inc. This suggests a long-term positive view from a sophisticated investor. However, as a Schedule 13G, it provides no new operational or financial performance data for Evolent Health Inc. to warrant a 'buy' or 'sell' recommendation. The information primarily confirms a significant institutional presence, which is generally a stable factor. Therefore, a 'hold' recommendation is appropriate, pending further fundamental analysis of Evolent Health Inc.'s financial results and strategic developments.
Keywords
Evolent Health Inc., EVH, FMR LLC, Fidelity, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Institutional Investor, Class A Common Stock, Healthcare Technology
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