Elevance Health, Inc. (NYSE:ELV) Shares Bought by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 16.2% in the third quarter, Holdings Channel reports. The institutional investor owned 2,397,258 shares of the company’s stock after acquiring an additional 334,552 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Elevance Health were worth $1,246,574,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Bank & Trust Co acquired a new position in Elevance Health during the second quarter worth $27,000. PSI Advisors LLC purchased a new stake in shares of Elevance Health during the third quarter worth about $27,000. Opal Wealth Advisors LLC purchased a new stake in shares of Elevance Health during the second quarter worth about $28,000. Strategic Financial Concepts LLC acquired a new position in shares of Elevance Health during the 2nd quarter worth about $30,000. Finally, Eastern Bank purchased a new position in Elevance Health in the 3rd quarter valued at about $31,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Up 0.8 %

ELV stock opened at $397.48 on Thursday. Elevance Health, Inc. has a one year low of $391.02 and a one year high of $567.26. The firm has a market cap of $92.18 billion, a PE ratio of 14.49, a PEG ratio of 1.17 and a beta of 0.85. The firm’s 50 day moving average price is $466.51 and its 200-day moving average price is $510.83. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The business had revenue of $44.72 billion during 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%. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.99 EPS. On average, equities research analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.64%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Truist Financial reiterated a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. UBS Group dropped 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. Finally, Raymond James set a $485.00 price target on shares of Elevance Health in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $539.20.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 46.82 % 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. Company insiders own 0.35% of the company’s stock.

Elevance Health 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.