Sei Investments Co. grew its stake in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) by 14.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 204,457 shares of the company’s stock after acquiring an additional 25,631 shares during the period. Sei Investments Co.’s holdings in Elevance Health were worth $59,854,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Elevance Health in the 4th quarter worth about $1,058,165,000. Wellington Management Group LLP grew its position in shares of Elevance Health by 25.2% in the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after purchasing an additional 1,668,679 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Elevance Health by 27.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock worth $2,610,261,000 after purchasing an additional 1,607,274 shares in the last quarter. Invesco Ltd. increased its stake in shares of Elevance Health by 50.3% during the 4th quarter. Invesco Ltd. now owns 3,903,878 shares of the company’s stock worth $1,368,505,000 after purchasing an additional 1,306,390 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Elevance Health by 79.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,408,704 shares of the company’s stock worth $844,371,000 after purchasing an additional 1,065,065 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.
Insider Buying and Selling
In other news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares of the company’s stock, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.34% of the stock is owned by company insiders.
Elevance Health Stock Down 0.5%
Elevance Health (NYSE:ELV – Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the prior year, the company posted $8.84 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, sell-side analysts expect that Elevance Health, Inc. will post 27.04 EPS for the current year.
Elevance Health Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.8%. Elevance Health’s payout ratio is 30.58%.
Analyst Ratings Changes
A number of equities research analysts have commented on the company. Citigroup upgraded Elevance Health to a “buy” rating in a report on Wednesday, April 29th. Robert W. Baird upped their price objective on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Truist Financial increased their price objective on Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Cantor Fitzgerald lifted their price objective on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Finally, Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $440.90.
Read Our Latest Research Report on Elevance Health
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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