178,295 Shares in Elevance Health, Inc. $ELV Acquired by Korea Investment CORP

Korea Investment CORP acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 178,295 shares of the company’s stock, valued at approximately $68,952,000. Korea Investment CORP owned about 0.08% of Elevance Health at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. M&T Bank Corp raised its stake in shares of Elevance Health by 160.4% during the fourth quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock valued at $17,698,000 after acquiring an additional 31,101 shares during the last quarter. Stoneridge Investment Partners LLC bought a new stake in shares of Elevance Health in the second quarter worth $970,000. Manning & Napier Advisors LLC grew its stake in shares of Elevance Health by 1,423.1% in the fourth quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock worth $129,152,000 after purchasing an additional 344,237 shares during the last quarter. Solidarity Wealth LLC acquired a new stake in Elevance Health in the fourth quarter valued at $1,433,000. Finally, State of Wyoming bought a new position in Elevance Health during the 2nd quarter worth $1,765,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Morgan Stanley lifted their target price on Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Leerink Partners raised their price objective on Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. lifted their price objective on Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Cantor Fitzgerald increased their target price on shares of Elevance Health from $400.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Insiders Place Their Bets

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.34% of the company’s stock.

Elevance Health Trading Up 1.1%

NYSE ELV opened at $400.66 on Friday. The business has a 50 day simple moving average of $394.76 and a 200 day simple moving average of $359.92. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24. The stock has a market capitalization of $86.89 billion, a P/E ratio of 17.81, a P/E/G ratio of 2.28 and a beta of 0.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the company posted $8.84 earnings per share. Research analysts expect that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health’s dividend payout ratio (DPR) is 30.58%.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.