Elevance Health, Inc. $ELV is M&G PLC’s 7th Largest Position

M&G PLC boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 16.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 930,293 shares of the company’s stock after buying an additional 133,992 shares during the period. Elevance Health accounts for approximately 2.0% of M&G PLC’s holdings, making the stock its 7th largest holding. M&G PLC owned approximately 0.41% of Elevance Health worth $361,884,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. Nuveen LLC acquired a new position in Elevance Health during the first quarter valued at approximately $789,943,000. Orbis Allan Gray Ltd increased its position in shares of Elevance Health by 31.4% in 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 in the last quarter. Vanguard Group Inc. raised its stake in shares of 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 acquiring an additional 666,534 shares during the period. Boston Partners lifted its holdings in shares of Elevance Health by 241.3% during the 1st quarter. Boston Partners now owns 856,737 shares of the company’s stock valued at $372,039,000 after acquiring an additional 605,689 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Elevance Health by 13.8% during the 1st 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 purchasing an additional 324,040 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ELV shares. Leerink Partnrs lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 17th. Leerink Partners restated a “market perform” rating and set a $310.00 target price (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Truist Financial set a $400.00 target price on Elevance Health in a research report on Tuesday, October 14th. Wall Street Zen downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Finally, Barclays dropped their price objective on Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. Twelve equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus target price of $397.33.

Elevance Health Stock Up 3.7%

ELV stock opened at $315.06 on Wednesday. The firm has a market cap of $70.02 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $458.75. The firm has a fifty day moving average price of $328.95 and a two-hundred day moving average price of $342.64. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The business had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. During the same quarter in the prior year, the firm earned $8.37 EPS. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. Research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s payout ratio is presently 27.96%.

Insider Buying and Selling

In other news, Director Susan D. Devore purchased 1,200 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were bought at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, the director owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% 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.