King Wealth increased its holdings in Elevance Health, Inc. (NYSE:ELV – Free Report) by 46.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,843 shares of the company’s stock after purchasing an additional 900 shares during the quarter. King Wealth’s holdings in Elevance Health were worth $1,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently modified their holdings of ELV. Bank Julius Baer & Co. Ltd Zurich boosted its position in Elevance Health by 97,501.7% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 83,475,802 shares of the company’s stock valued at $37,087,464,000 after acquiring an additional 83,390,275 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Elevance Health by 4.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,277,170 shares of the company’s stock valued at $6,104,976,000 after acquiring an additional 551,614 shares in the last quarter. Geode Capital Management LLC boosted its position in Elevance Health by 1.4% during the 1st quarter. Geode Capital Management LLC now owns 4,278,337 shares of the company’s stock valued at $1,962,387,000 after acquiring an additional 59,126 shares in the last quarter. Sanders Capital LLC boosted its position in Elevance Health by 3.5% during the 1st quarter. Sanders Capital LLC now owns 4,017,654 shares of the company’s stock valued at $1,847,357,000 after acquiring an additional 135,877 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in Elevance Health by 12.9% during the 1st quarter. Ameriprise Financial Inc. now owns 3,622,916 shares of the company’s stock valued at $1,664,416,000 after acquiring an additional 414,592 shares in the last quarter. 87.80% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several analysts have weighed in on ELV shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $572.00 price objective on shares of Elevance Health in a research report on Thursday, July 20th. Stephens reissued an “overweight” rating and issued a $555.00 price target on shares of Elevance Health in a research report on Thursday, July 20th. StockNews.com initiated coverage on Elevance Health in a research report on Thursday, October 5th. They issued a “strong-buy” rating on the stock. Morgan Stanley boosted their price target 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, TD Cowen boosted their target price on shares of Elevance Health from $564.00 to $585.00 and gave the company an “outperform” rating in a research note on Monday, July 24th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $564.27.
Elevance Health Stock Performance
Shares of NYSE:ELV traded down $5.06 during midday trading on Wednesday, hitting $456.69. The company had a trading volume of 70,589 shares, compared to its average volume of 1,169,714. The company has a market cap of $107.30 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 1.16 and a beta of 0.84. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.41 and a quick ratio of 1.41. The company has a fifty day moving average of $450.09 and a two-hundred day moving average of $453.70. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $544.01.
Elevance Health (NYSE:ELV – Get Free Report) last issued its quarterly earnings results on Wednesday, October 18th. The company reported $8.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $42.69 billion. During the same quarter in the prior year, the business posted $7.53 EPS. Elevance Health’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities research analysts expect that Elevance Health, Inc. will post 33.07 EPS for the current fiscal year.
Elevance Health Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Wednesday, December 6th will be paid 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 yield of 1.30%. Elevance Health’s payout ratio is presently 23.24%.
Insiders Place Their Bets
In other Elevance Health 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 sale, the chief accounting officer now owns 2,842 shares in the company, valued at approximately $1,291,262.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is currently owned by company insiders.
Elevance Health Company Profile
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.
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