Elevance Health, Inc. (NYSE:ELV) Stake Raised by Legal & General Group Plc

Legal & General Group Plc increased its holdings in Elevance Health, Inc. (NYSE:ELV) by 2.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,247,091 shares of the company’s stock after buying an additional 64,376 shares during the quarter. Legal & General Group Plc’s holdings in Elevance Health were worth $1,217,607,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA lifted its holdings in Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares during the period. Morningstar Investment Services LLC acquired a new stake in shares of Elevance Health in the 4th quarter worth approximately $239,244,000. Focused Investors Fund L P acquired a new position in shares of Elevance Health during the first quarter valued at approximately $249,884,000. M&G Plc bought a new stake in Elevance Health during the first quarter worth approximately $203,389,000. Finally, Maj Invest Holding A S acquired a new stake in Elevance Health in the second quarter worth approximately $173,753,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ELV has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price objective on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Stephens restated an “overweight” rating and set a $615.00 price objective on shares of Elevance Health in a research report on Thursday, September 5th. Barclays lowered their price objective on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a research note on Thursday, July 18th. Truist Financial raised their target price on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Elevance Health presently has an average rating of “Buy” and a consensus target price of $604.29.

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now owns 126,709 shares in the company, valued at $63,478,674.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock worth $17,588,116 over the last 90 days. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Price Performance

Shares of ELV opened at $520.28 on Friday. The business’s 50-day moving average is $536.06 and its 200-day moving average is $529.74. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market capitalization of $120.92 billion, a price-to-earnings ratio of 19.66, a P/E/G ratio of 1.17 and a beta of 0.82. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $9.04 EPS. Equities research analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.25%. Elevance Health’s payout ratio is 24.64%.

About Elevance Health

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.