Assenagon Asset Management S.A. Raises Stake in Elevance Health, Inc. (NYSE:ELV)

Assenagon Asset Management S.A. lifted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 716.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 260,099 shares of the company’s stock after buying an additional 228,256 shares during the period. Assenagon Asset Management S.A. owned 0.11% of Elevance Health worth $135,251,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ELV. Bank & Trust Co purchased a new position in shares of Elevance Health during the 2nd quarter worth $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health during the second quarter worth about $28,000. PSI Advisors LLC acquired a new stake in Elevance Health in the 3rd quarter worth about $27,000. Palisade Asset Management LLC purchased a new stake in Elevance Health in the 1st quarter valued at about $28,000. Finally, Eastern Bank acquired a new position in shares of Elevance Health during the 3rd quarter valued at about $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Up 2.1 %

Elevance Health stock traded up $8.54 during midday trading on Thursday, hitting $424.08. 980,457 shares of the stock were exchanged, compared to its average volume of 1,092,875. Elevance Health, Inc. has a 1 year low of $397.98 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market cap of $98.56 billion, a P/E ratio of 16.10, a P/E/G ratio of 1.08 and a beta of 0.82. The company has a 50 day moving average price of $519.97 and a two-hundred day moving average price of $525.88.

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 analysts’ consensus estimates 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 return on equity of 20.64% and a net margin of 3.89%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $8.99 earnings per share. On average, sell-side analysts predict that Elevance Health, Inc. will post 37.26 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is currently 24.64%.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction on 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 completion of the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ELV shares. Royal Bank of Canada decreased their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Cantor Fitzgerald lowered their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Wells Fargo & Company restated a “buy” rating on shares of Elevance Health in a report on Friday, October 18th. Barclays lowered their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Morgan Stanley cut their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday. One 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $551.07.

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.