Assenagon Asset Management S.A. Buys 184,595 Shares of Elevance Health, Inc. $ELV

Key Points

• Assenagon Asset Management increased its Elevance Health stake by 160.8% in the second quarter, acquiring 184,595 additional shares and bringing its holdings to 299,374 shares valued at approximately $115.8 million.
• Elevance Health reported quarterly earnings of $7.45 per share, surpassing estimates of $6.21, while revenue reached $49.83 billion. Institutional investors own 89.24% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90, and Elevance declared a quarterly dividend of $1.72, equivalent to a 1.7% annual yield.

Assenagon Asset Management S.A. boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 160.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 299,374 shares of the company's stock after acquiring an additional 184,595 shares during the period. Assenagon Asset Management S.A. owned 0.14% of Elevance Health worth $115,777,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of ELV. Wellington Management Group LLP grew its holdings in Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company's stock valued at $2,906,051,000 after buying an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Elevance Health by 27.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company's stock worth $2,610,261,000 after acquiring an additional 1,607,274 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Elevance Health by 10.0% during the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company's stock valued at $1,764,231,000 after acquiring an additional 455,946 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in shares of Elevance Health by 0.6% in the fourth quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company's stock valued at $1,410,219,000 after purchasing an additional 24,271 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Elevance Health by 50.3% in the fourth quarter. Invesco Ltd. now owns 3,903,878 shares of the company's stock valued at $1,368,505,000 after purchasing an additional 1,306,390 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Trading Up 0.7%

Shares of NYSE:ELV opened at $394.27 on Friday. The company has a market capitalization of $85.51 billion, a PE ratio of 17.52, a P/E/G ratio of 2.25 and a beta of 0.68. 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, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The business's fifty day simple moving average is $396.55 and its 200-day simple moving average is $357.24.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating analysts' consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter last year, the company earned $8.84 earnings per share. The firm's revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities research analysts predict that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

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

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the company's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director directly owned 10,734 shares of the company's stock, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ELV. Barclays decreased their price target on shares of Elevance Health from $480.00 to $457.00 and set an "overweight" rating on the stock in a research note on Thursday, July 16th. UBS Group boosted their target price on shares of Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a report on Friday, May 22nd. Truist Financial upped their target price on shares of Elevance Health from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. TD Cowen increased their price target on shares of Elevance Health from $400.00 to $465.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Finally, Cantor Fitzgerald lifted their price target on Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Fifteen research 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 stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $440.90.

Elevance Health 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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