The Manufacturers Life Insurance Company Reduces Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

The Manufacturers Life Insurance Company cut its holdings in Elevance Health, Inc. (NYSE:ELV) by 4.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,932,227 shares of the company’s stock after selling 97,963 shares during the period. Elevance Health comprises about 1.0% of The Manufacturers Life Insurance Company’s holdings, making the stock its 9th biggest position. The Manufacturers Life Insurance Company’s holdings in Elevance Health were worth $1,046,996,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of ELV. Massachusetts Financial Services Co. MA raised its position 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 acquiring an additional 523,910 shares during the period. Morningstar Investment Services LLC purchased a new stake in shares of Elevance Health during the 4th quarter worth approximately $239,244,000. Focused Investors Fund L P bought a new stake in shares of Elevance Health in the 1st quarter worth approximately $249,884,000. M&G Plc purchased a new position in Elevance Health in the first quarter valued at approximately $203,389,000. Finally, Maj Invest Holding A S bought a new position in Elevance Health during the second quarter valued at $173,753,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ELV has been the topic of several research reports. Royal Bank of Canada boosted their target price on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. boosted their price objective on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a research report on Friday, September 20th. Robert W. Baird assumed coverage on shares of Elevance Health in a research report on Thursday, May 30th. They issued an “outperform” rating and a $649.00 price target on the stock. Finally, Baird R W raised shares of Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. One 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 data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $604.29.

Elevance Health Stock Down 0.0 %

Shares of NYSE ELV opened at $520.28 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The business has a 50-day moving average of $536.06 and a 200-day moving average of $529.74. The firm has a market capitalization of $120.92 billion, a price-to-earnings ratio of 19.66, a PEG ratio of 1.17 and a beta of 0.82. Elevance Health, Inc. has a 12 month low of $431.38 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. During the same period in the previous year, the firm posted $9.04 earnings per share. The firm’s revenue for the quarter was down .4% on a year-over-year basis. Sell-side analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 1.25%. Elevance Health’s payout ratio is 24.64%.

Insiders Place Their Bets

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The transaction was disclosed in a document filed 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 on Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, 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 valued at $17,588,116 in the last ninety days. Company insiders own 0.35% of the company’s stock.

Elevance Health Profile

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.