Massachusetts Financial Services Co. MA Acquires 334,552 Shares of Elevance Health, Inc. (NYSE:ELV)

Massachusetts Financial Services Co. MA increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 16.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,397,258 shares of the company’s stock after purchasing an additional 334,552 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.03% of Elevance Health worth $1,246,574,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. Integrated Investment Consultants LLC bought a new stake in shares of Elevance Health during the third quarter valued at approximately $533,000. LPL Financial LLC boosted its position in shares of Elevance Health by 7.8% during the third quarter. LPL Financial LLC now owns 188,074 shares of the company’s stock worth $97,798,000 after acquiring an additional 13,619 shares during the last quarter. Intech Investment Management LLC grew its stake in Elevance Health by 67.6% during the third quarter. Intech Investment Management LLC now owns 27,070 shares of the company’s stock valued at $14,076,000 after acquiring an additional 10,915 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Elevance Health by 5.0% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 209,859 shares of the company’s stock valued at $109,127,000 after acquiring an additional 9,916 shares during the last quarter. Finally, Moran Wealth Management LLC lifted its stake in Elevance Health by 2.2% in the 3rd quarter. Moran Wealth Management LLC now owns 17,063 shares of the company’s stock worth $8,873,000 after purchasing an additional 365 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

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

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share 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 analyst estimates of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.99 EPS. On average, sell-side analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.64%. Elevance Health’s payout ratio is currently 23.77%.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred 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. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ELV shares. Cantor Fitzgerald reduced their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. UBS Group reduced their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. TD Cowen dropped their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, Barclays dropped their target price on 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 equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

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.