The Manufacturers Life Insurance Company trimmed its position in Elevance Health, Inc. (NYSE:ELV – Free Report) by 26.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,528,416 shares of the company’s stock after selling 549,948 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Elevance Health were worth $591,084,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Kilter Group LLC acquired a new stake in Elevance Health in the second quarter valued at $28,000. Kemnay Advisory Services Inc. acquired a new position in shares of Elevance Health during the 4th quarter worth about $31,000. J.Safra Asset Management Corp acquired a new position in shares of Elevance Health during the 4th quarter worth about $32,000. WealthCollab LLC increased its holdings in shares of Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after acquiring an additional 27 shares during the last quarter. Finally, Elevation Wealth Partners LLC increased its holdings in shares of Elevance Health by 600.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after acquiring an additional 90 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.
Elevance Health Price Performance
Shares of ELV opened at $416.58 on Friday. The firm has a 50-day simple moving average of $397.04 and a 200-day simple moving average of $366.40. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The company has a market capitalization of $90.34 billion, a price-to-earnings ratio of 18.51, a price-to-earnings-growth ratio of 2.07 and a beta of 0.69. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.
Elevance Health Announces Dividend
The firm also recently disclosed 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. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is currently 30.58%.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on ELV shares. Sanford C. Bernstein set a $488.00 target price on Elevance Health in a research note on Thursday, July 16th. JPMorgan Chase & Co. increased their price target on shares of Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research note on Monday, June 8th. Wells Fargo & Company reduced their price objective on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a research report on Thursday, July 16th. Robert W. Baird upped their target price on shares of Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Finally, Mizuho increased their target price on shares of Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Fifteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $440.90.
View Our Latest Stock Analysis on ELV
About Elevance Health
Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.
Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.
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