Mediolanum International Funds Ltd Increases Stock Position in Elevance Health, Inc. $ELV

Mediolanum International Funds Ltd raised its stake in Elevance Health, Inc. (NYSE:ELV) by 206.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,057 shares of the company’s stock after acquiring an additional 15,535 shares during the period. Mediolanum International Funds Ltd’s holdings in Elevance Health were worth $8,796,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. WPG Advisers LLC purchased a new stake in shares of Elevance Health in the 1st quarter valued at about $29,000. BOK Financial Private Wealth Inc. purchased a new position in Elevance Health during the 2nd quarter worth approximately $32,000. Glass Jacobson Investment Advisors llc increased its position in Elevance Health by 400.0% during the second quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after buying an additional 80 shares during the period. Saudi Central Bank purchased a new stake in Elevance Health in the first quarter valued at approximately $40,000. Finally, Trust Co. of Toledo NA OH purchased a new stake in Elevance Health in the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Up 2.5%

Shares of NYSE:ELV opened at $321.73 on Friday. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. The firm’s 50-day simple moving average is $330.76 and its 200-day simple moving average is $338.63. The company has a market cap of $71.50 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 1.23 and a beta of 0.60.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The firm had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same period in the prior year, the company posted $8.37 earnings per share. The firm’s revenue for the quarter was up 12.0% on a year-over-year basis. As a group, equities research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio is currently 27.96%.

Analyst Upgrades and Downgrades

ELV has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Weiss Ratings reissued a “sell (d+)” rating on shares of Elevance Health in a research report on Monday. Guggenheim lifted their price objective on shares of Elevance Health from $360.00 to $398.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Sanford C. Bernstein decreased their target price on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating for the company in a research note on Thursday, October 16th. Finally, Cowen reissued a “buy” rating on shares of Elevance Health in a report on Thursday, October 23rd. Twelve equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Elevance Health presently has an average rating of “Hold” and an average target price of $397.33.

About Elevance Health

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.