M&G Plc Raises Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

M&G Plc boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 16.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 473,088 shares of the company’s stock after acquiring an additional 67,774 shares during the period. Elevance Health makes up 1.3% of M&G Plc’s portfolio, making the stock its 14th largest holding. M&G Plc’s holdings in Elevance Health were worth $246,006,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Iridian Asset Management LLC CT raised its position in Elevance Health by 10.7% in the 3rd quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock worth $20,360,000 after buying an additional 3,786 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Elevance Health by 85,533.1% in the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after acquiring an additional 532,016 shares during the period. abrdn plc boosted its position in Elevance Health by 32.2% in the third quarter. abrdn plc now owns 360,134 shares of the company’s stock worth $186,540,000 after purchasing an additional 87,717 shares during the last quarter. Blair William & Co. IL grew its stake in shares of Elevance Health by 119.7% during the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after purchasing an additional 6,610 shares during the period. Finally, AMI Investment Management Inc. bought a new position in shares of Elevance Health in the 3rd quarter worth approximately $1,294,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of a number of research reports. UBS Group reduced their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. Morgan Stanley reduced their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Raymond James set a $485.00 price objective on Elevance Health in a research report on Friday, October 18th. Bank of America reaffirmed a “neutral” rating and set a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Finally, Barclays decreased their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $539.20.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Stock Up 2.7 %

Shares of ELV stock opened at $428.93 on Thursday. The stock has a market cap of $99.48 billion, a P/E ratio of 15.64, a PEG ratio of 1.23 and a beta of 0.85. Elevance Health, Inc. has a 52 week low of $397.98 and a 52 week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The company’s fifty day simple moving average is $494.37 and its two-hundred day simple moving average is $519.32.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). The business had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $8.99 earnings per share. Analysts predict that Elevance Health, Inc. will post 32.93 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio is 23.77%.

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.