MetLife Investment Management LLC Lowers Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

MetLife Investment Management LLC reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 4.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 61,485 shares of the company’s stock after selling 3,126 shares during the quarter. MetLife Investment Management LLC’s holdings in Elevance Health were worth $27,317,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Elevance Health by 97,501.7% in 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 purchasing an additional 83,390,275 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Elevance Health by 4.3% in the first 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 buying an additional 551,614 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Elevance Health by 1.4% in the first quarter. Geode Capital Management LLC now owns 4,278,337 shares of the company’s stock valued at $1,962,387,000 after buying an additional 59,126 shares in the last quarter. Sanders Capital LLC boosted its stake in shares of Elevance Health by 3.5% in the first quarter. Sanders Capital LLC now owns 4,017,654 shares of the company’s stock valued at $1,847,357,000 after buying an additional 135,877 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Elevance Health by 12.9% in the first quarter. Ameriprise Financial Inc. now owns 3,622,916 shares of the company’s stock valued at $1,664,416,000 after buying an additional 414,592 shares in the last quarter. 87.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Elevance Health

In related news, CAO Ronald W. Penczek sold 64 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $454.35, for a total transaction of $29,078.40. Following the transaction, the chief accounting officer now directly owns 2,842 shares in the company, valued at $1,291,262.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ELV. Morgan Stanley lifted their price target on Elevance Health from $585.00 to $587.00 and gave the company an “overweight” rating in a research note on Thursday, October 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $547.00 price target on shares of Elevance Health in a research note on Thursday, October 19th. JPMorgan Chase & Co. decreased their price target on Elevance Health from $569.00 to $552.00 and set an “overweight” rating on the stock in a research note on Friday. StockNews.com began coverage on Elevance Health in a research report on Thursday, October 5th. They set a “strong-buy” rating on the stock. Finally, TD Cowen boosted their target price on Elevance Health from $564.00 to $585.00 and gave the stock an “outperform” rating in a research report on Monday, July 24th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $565.82.

Elevance Health Price Performance

Shares of NYSE ELV traded up $0.17 during trading on Monday, reaching $463.12. The company had a trading volume of 170,195 shares, compared to its average volume of 1,169,724. Elevance Health, Inc. has a twelve month low of $412.00 and a twelve month high of $544.01. The stock has a market capitalization of $108.81 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. The stock has a 50-day moving average price of $450.86 and a two-hundred day moving average price of $453.60. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.62.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, October 18th. The company reported $8.99 earnings per share 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 company had revenue of $42.48 billion during the quarter, compared to analysts’ expectations of $42.69 billion. During the same period in the previous year, the firm posted $7.53 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, sell-side analysts predict that Elevance Health, Inc. will post 33.07 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Wednesday, December 6th will be issued a $1.48 dividend. The ex-dividend date is Tuesday, December 5th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.28%. Elevance Health’s dividend payout ratio (DPR) is 23.24%.

Elevance Health 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.