Bank of New York Mellon Corp Has $536.09 Million Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Bank of New York Mellon Corp reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 9.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,453,214 shares of the company’s stock after selling 156,230 shares during the period. Bank of New York Mellon Corp’s holdings in Elevance Health were worth $536,091,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ELV. Arkadios Wealth Advisors raised its holdings in shares of Elevance Health by 14.4% during the third quarter. Arkadios Wealth Advisors now owns 993 shares of the company’s stock worth $516,000 after acquiring an additional 125 shares during the period. PFG Investments LLC grew its holdings in shares of Elevance Health by 72.7% during the third quarter. PFG Investments LLC now owns 1,333 shares of the company’s stock worth $693,000 after buying an additional 561 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Elevance Health by 42.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 20,427 shares of the company’s stock valued at $10,622,000 after buying an additional 6,098 shares during the last quarter. J.W. Cole Advisors Inc. lifted its stake in Elevance Health by 3.8% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 1,325 shares of the company’s stock valued at $689,000 after acquiring an additional 49 shares in the last quarter. Finally, TCI Wealth Advisors Inc. lifted its stake in Elevance Health by 5.6% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 506 shares of the company’s stock valued at $263,000 after acquiring an additional 27 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ELV. StockNews.com cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, February 21st. Stephens downgraded shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Barclays boosted their price target on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Truist Financial decreased their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Wells Fargo & Company lowered their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $517.03.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $402.95 on Wednesday. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $91.61 billion, a P/E ratio of 15.73, a P/E/G ratio of 1.18 and a beta of 0.83. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The stock has a 50 day moving average of $386.22 and a 200-day moving average of $441.32.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be issued a $1.71 dividend. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s dividend payout ratio is currently 26.71%.

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.