1,780,232 Shares in Elevance Health, Inc. $ELV Purchased by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,780,232 shares of the company’s stock, valued at approximately $688,469,000.

Several other large investors also recently added to or reduced their stakes in ELV. The Manufacturers Life Insurance Company bought a new position in Elevance Health in the 2nd quarter worth about $591,084,000. Jones Financial Companies Lllp bought a new stake in shares of Elevance Health during the second quarter valued at approximately $5,133,000. Sone Capital Management LLC bought a new stake in shares of Elevance Health during the second quarter valued at approximately $5,140,000. Trajan Wealth LLC purchased a new stake in shares of Elevance Health in the second quarter valued at approximately $41,315,000. Finally, Peak Asset Management LLC purchased a new stake in shares of Elevance Health in the second quarter valued at approximately $1,002,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ELV has been the topic of several research reports. Wells Fargo & Company reduced their price objective on Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft upgraded Elevance Health from a “hold” rating to a “buy” rating and upped their target price for the stock from $363.00 to $498.00 in a report on Wednesday, May 20th. Mizuho increased their price target on Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. The Goldman Sachs Group restated a “neutral” rating and set a $395.00 price target on shares of Elevance Health in a research note on Thursday, July 16th. Finally, Cantor Fitzgerald lifted their price objective on Elevance Health from $400.00 to $450.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $402.62 on Tuesday. The firm has a 50 day moving average of $394.79 and a 200 day moving average of $360.49. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $87.32 billion, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter last year, the firm earned $8.84 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. On average, sell-side analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

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

Elevance Health Profile

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.