First Trust Advisors LP grew its holdings in Elevance Health, Inc. (NYSE:ELV – Free Report) by 21.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 656,353 shares of the company’s stock after acquiring an additional 117,113 shares during the quarter. First Trust Advisors LP’s holdings in Elevance Health were worth $192,147,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Bright Rock Capital Management LLC acquired a new position in Elevance Health in the 4th quarter valued at $7,362,000. Exchange Traded Concepts LLC boosted its stake in shares of Elevance Health by 58.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 52,295 shares of the company’s stock worth $18,332,000 after acquiring an additional 19,339 shares in the last quarter. SG Americas Securities LLC boosted its position in Elevance Health by 6,237.6% during the fourth quarter. SG Americas Securities LLC now owns 235,253 shares of the company’s stock worth $82,468,000 after purchasing an additional 231,541 shares in the last quarter. M&T Bank Corp boosted its position in shares of Elevance Health by 160.4% in the 4th quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock worth $17,698,000 after buying an additional 31,101 shares in the last quarter. Finally, HF Advisory Group LLC increased its holdings in Elevance Health by 1,797.0% during the 4th quarter. HF Advisory Group LLC now owns 152,705 shares of the company’s stock valued at $53,531,000 after acquiring an additional 144,655 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.
Elevance Health Stock Performance
Shares of ELV opened at $389.29 on Thursday. The firm has a market cap of $84.42 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 2.26 and a beta of 0.67. The business’s 50 day moving average is $399.36 and its two-hundred day moving average is $356.20. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $436.24.
Elevance Health Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. Elevance Health’s payout ratio is 30.58%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on ELV. JPMorgan Chase & Co. upped their target price on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research note on Monday, June 8th. Guggenheim upped their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. UBS Group lifted their price objective on Elevance Health from $400.00 to $460.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. TD Cowen upped their price objective on shares of Elevance Health from $400.00 to $465.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Finally, Mizuho boosted their price objective on shares of Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $440.90.
Check Out Our Latest Stock Report on ELV
Insiders Place Their Bets
In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.34% of the stock is currently owned by company insiders.
Elevance Health Company Profile
Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.
Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.
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