367,297 Shares in Elevance Health, Inc. $ELV Acquired by Manning & Napier Advisors LLC

Key Points

• Manning & Napier Advisors acquired 367,297 Elevance Health shares worth approximately $142.5 million, making ELV its 20th-largest holding and representing about 1.8% of its portfolio.
• Elevance Health reported quarterly EPS of $7.45, exceeding analyst expectations of $6.21, while revenue reached $49.83 billion. The company also announced a quarterly dividend of $1.72 per share, equivalent to a 1.7% yield.
• Analyst sentiment remains favorable, with 15 Buy ratings and eight Holds producing a “Moderate Buy” consensus and an average price target of $440.90.

Manning & Napier Advisors LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 367,297 shares of the company's stock, valued at approximately $142,522,000. Elevance Health comprises about 1.8% of Manning & Napier Advisors LLC's investment portfolio, making the stock its 20th largest holding. Manning & Napier Advisors LLC owned about 0.17% of Elevance Health at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ELV. Hyperion Capital Advisors LP bought a new stake in shares of Elevance Health during the second quarter worth $16,600,000. Vega Investment Solutions bought a new position in shares of Elevance Health in the 2nd quarter valued at $592,000. Cetera Trust Company N.A bought a new position in shares of Elevance Health in the 2nd quarter valued at $1,532,000. Whalen Wealth Management Inc. acquired a new stake in shares of Elevance Health during the 2nd quarter valued at $411,000. Finally, Dearborn Partners LLC bought a new stake in Elevance Health during the 2nd quarter worth $354,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.34% of the company's stock.

Elevance Health Stock Up 0.5%

Shares of ELV opened at $402.62 on Tuesday. The company has a market capitalization of $87.32 billion, a PE ratio of 17.89, a PEG ratio of 2.29 and a beta of 0.68. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The stock's 50-day moving average price is $394.79 and its two-hundred day moving average price is $360.49. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating analysts' consensus estimates of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business's revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.84 EPS. On average, analysts anticipate that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health's dividend payout ratio is currently 30.58%.

Analyst Ratings Changes

ELV has been the subject of a number of recent research reports. Leerink Partners upped their target price on Elevance Health from $364.00 to $395.00 and gave the stock a "market perform" rating in a report on Friday, July 17th. TD Cowen lifted their price target on Elevance Health from $400.00 to $465.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Bank of America boosted their price target on Elevance Health from $435.00 to $460.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. Raymond James Financial set a $450.00 price objective on Elevance Health in a research note on Tuesday, July 7th. Finally, Sanford C. Bernstein set a $488.00 target price on shares of Elevance Health in a research report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $440.90.

Elevance Health Company 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.

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