US Bancorp DE Has $23.12 Million Stock Position in Elevance Health, Inc. $ELV

US Bancorp DE reduced its position in Elevance Health, Inc. (NYSE:ELV) by 0.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 59,438 shares of the company’s stock after selling 401 shares during the period. US Bancorp DE’s holdings in Elevance Health were worth $23,119,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Elevance Health by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock valued at $9,635,281,000 after purchasing an additional 666,534 shares during the last quarter. Orbis Allan Gray Ltd lifted its position in Elevance Health by 31.4% during the first quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock worth $1,239,276,000 after acquiring an additional 680,228 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Elevance Health by 13.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company’s stock worth $1,164,041,000 after acquiring an additional 324,040 shares during the period. Invesco Ltd. boosted its holdings in shares of Elevance Health by 1.2% during the first quarter. Invesco Ltd. now owns 2,116,289 shares of the company’s stock worth $920,501,000 after acquiring an additional 24,833 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Elevance Health by 1.5% during the first quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company’s stock worth $845,394,000 after acquiring an additional 29,174 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux acquired 8,500 shares of the stock in a transaction on Friday, July 18th. The stock was acquired at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the transaction, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction on Tuesday, August 19th. The shares were purchased at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by insiders.

Analysts Set New Price Targets

ELV has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their price objective on Elevance Health from $330.00 to $412.00 and gave the stock an “overweight” rating in a report on Tuesday. Truist Financial reduced their price objective on Elevance Health from $500.00 to $440.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Mizuho boosted their price objective on Elevance Health from $342.00 to $420.00 and gave the stock an “outperform” rating in a report on Thursday. Bank of America boosted their price objective on Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Leerink Partnrs cut Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 17th. Twelve equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $412.00.

Elevance Health Stock Down 1.4%

NYSE ELV opened at $353.29 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $510.24. The company has a 50 day moving average of $315.10 and a 200-day moving average of $359.18. The company has a market cap of $79.55 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 1.31 and a beta of 0.59.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same quarter in the previous year, the firm posted $10.12 earnings per share. The firm’s quarterly revenue was up 14.3% on a year-over-year basis. On average, equities research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.9%. The ex-dividend date was Wednesday, September 10th. Elevance Health’s payout ratio is currently 29.11%.

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.