Massachusetts Financial Services Co. MA Increases Stock Position in Elevance Health, Inc. (NYSE:ELV)

Massachusetts Financial Services Co. MA grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 34.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,062,706 shares of the company’s stock after buying an additional 523,910 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.89% of Elevance Health worth $1,117,698,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank & Trust Co acquired a new position in Elevance Health during the second quarter worth about $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Elevance Health in the 4th quarter worth approximately $28,000. Palisade Asset Management LLC acquired a new position in Elevance Health during the first quarter worth $28,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health during the second quarter worth $28,000. Finally, Strategic Financial Concepts LLC acquired a new stake in Elevance Health in the second quarter valued at $30,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now directly owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on ELV shares. Truist Financial boosted their price objective on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Morgan Stanley initiated coverage on Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 price objective on shares of Elevance Health in a research report on Tuesday, September 10th. Wells Fargo & Company cut their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health currently has a consensus rating of “Buy” and a consensus target price of $604.29.

Elevance Health Trading Up 0.9 %

NYSE:ELV opened at $550.84 on Monday. Elevance Health, Inc. has a 12 month low of $431.38 and a 12 month high of $567.26. The business’s 50-day moving average is $535.11 and its two-hundred day moving average is $528.02. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market capitalization of $127.73 billion, a PE ratio of 20.82, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. The firm had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. Elevance Health’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $9.04 EPS. Research analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. Elevance Health’s dividend payout ratio is presently 24.64%.

Elevance Health Company 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.