Swiss National Bank Trims Holdings in Elevance Health, Inc. (NYSE:ELV)

Swiss National Bank reduced its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 9.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 856,900 shares of the company’s stock after selling 90,900 shares during the quarter. Swiss National Bank owned 0.36% of Elevance Health worth $380,712,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Elevance Health by 97,501.7% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 83,475,802 shares of the company’s stock worth $37,087,464,000 after purchasing an additional 83,390,275 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Elevance Health by 4.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,277,170 shares of the company’s stock worth $6,104,976,000 after purchasing an additional 551,614 shares during the last quarter. Geode Capital Management LLC lifted its stake in Elevance Health by 1.4% during the first quarter. Geode Capital Management LLC now owns 4,278,337 shares of the company’s stock worth $1,962,387,000 after purchasing an additional 59,126 shares during the last quarter. Sanders Capital LLC lifted its stake in Elevance Health by 3.5% during the first quarter. Sanders Capital LLC now owns 4,017,654 shares of the company’s stock worth $1,847,357,000 after purchasing an additional 135,877 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Elevance Health by 12.9% during the first quarter. Ameriprise Financial Inc. now owns 3,622,916 shares of the company’s stock worth $1,664,416,000 after purchasing an additional 414,592 shares during the last quarter. 87.80% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Trading Up 1.1 %

Shares of ELV stock opened at $458.25 on Friday. The stock has a 50-day simple moving average of $449.48 and a 200 day simple moving average of $453.77. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $544.01. The stock has a market capitalization of $107.67 billion, a P/E ratio of 17.99, a P/E/G ratio of 1.15 and a beta of 0.84. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.62.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, October 18th. The company reported $8.99 earnings per share for the quarter, beating the consensus estimate of $8.45 by $0.54. Elevance Health had a return on equity of 20.71% and a net margin of 3.61%. The business had revenue of $42.48 billion during the quarter, compared to analysts’ expectations of $42.69 billion. During the same quarter last year, the business posted $7.53 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts expect that Elevance Health, Inc. will post 33.07 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Wednesday, December 6th will be given a $1.48 dividend. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.29%. Elevance Health’s dividend payout ratio (DPR) is 23.24%.

Insider Activity at Elevance Health

In related news, CAO Ronald W. Penczek sold 64 shares of the stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $454.35, for a total value of $29,078.40. Following the completion of the transaction, the chief accounting officer now owns 2,842 shares in the company, valued at approximately $1,291,262.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.35% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ELV. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $547.00 target price on shares of Elevance Health in a research report on Thursday, October 19th. Stephens reaffirmed an “overweight” rating and issued a $555.00 target price on shares of Elevance Health in a research report on Thursday, July 20th. StockNews.com began coverage on Elevance Health in a research report on Thursday, October 5th. They issued a “strong-buy” rating on the stock. Morgan Stanley increased their target price on Elevance Health from $585.00 to $587.00 and gave the stock an “overweight” rating in a research report on Thursday, October 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $572.00 target price on shares of Elevance Health in a research report on Thursday, July 20th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $564.27.

About Elevance Health

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.