Elevance Health, Inc. (NYSE:ELV) Stock Holdings Boosted by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 8.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,091,969 shares of the company’s stock after buying an additional 159,742 shares during the quarter. Elevance Health accounts for 1.0% of The Manufacturers Life Insurance Company’s investment portfolio, making the stock its 10th largest position. The Manufacturers Life Insurance Company owned about 0.90% of Elevance Health worth $1,087,824,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ELV. American Trust raised its holdings in shares of Elevance Health by 2.6% during the first quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after acquiring an additional 20 shares during the last quarter. Private Ocean LLC boosted its stake in Elevance Health by 6.7% during the 2nd quarter. Private Ocean LLC now owns 348 shares of the company’s stock worth $189,000 after purchasing an additional 22 shares during the last quarter. Hurlow Wealth Management Group Inc. grew its holdings in shares of Elevance Health by 1.9% during the second quarter. Hurlow Wealth Management Group Inc. now owns 1,229 shares of the company’s stock worth $666,000 after buying an additional 23 shares in the last quarter. Cypress Wealth Services LLC raised its position in shares of Elevance Health by 3.5% in the third quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock valued at $353,000 after buying an additional 23 shares during the last quarter. Finally, CVA Family Office LLC boosted its position in Elevance Health by 4.2% during the second quarter. CVA Family Office LLC now owns 602 shares of the company’s stock worth $326,000 after acquiring an additional 24 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ELV has been the topic of a number of research reports. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Truist Financial reissued a “buy” rating and set a $520.00 price objective (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. UBS Group reduced their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Royal Bank of Canada dropped their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Finally, TD Cowen reduced their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elevance Health has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

Elevance Health Price Performance

ELV stock opened at $407.59 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $94.53 billion, a PE ratio of 14.86, a P/E/G ratio of 1.20 and a beta of 0.85. The business’s fifty day moving average price is $457.79 and its 200 day moving average price is $507.92. Elevance Health, Inc. has a 12-month low of $391.02 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the firm earned $8.99 EPS. The business’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.60%. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

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.