Bank of New York Mellon Corp Grows Stock Position in Elevance Health, Inc. $ELV

Key Points

• Bank of New York Mellon increased its stake in Elevance Health by 79.3% in the fourth quarter, ending with 2.41 million shares valued at about $844.4 million.
• Elevance Health reported better-than-expected quarterly results, posting EPS of $12.58 versus $10.74 expected and revenue of $49.49 billion, up 1.5% from a year earlier.
• The company also declared a quarterly dividend of $1.72 per share, and analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $407.05.

Bank of New York Mellon Corp boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 79.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,408,704 shares of the company's stock after buying an additional 1,065,065 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.08% of Elevance Health worth $844,371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Sound View Wealth Advisors Group LLC boosted its holdings in shares of Elevance Health by 3.0% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 1,011 shares of the company's stock worth $354,000 after acquiring an additional 29 shares during the period. Fulton Breakefield Broenniman LLC boosted its holdings in shares of Elevance Health by 3.6% in the fourth quarter. Fulton Breakefield Broenniman LLC now owns 825 shares of the company's stock worth $289,000 after acquiring an additional 29 shares during the period. Perigon Wealth Management LLC boosted its holdings in shares of Elevance Health by 2.2% in the fourth quarter. Perigon Wealth Management LLC now owns 1,371 shares of the company's stock worth $481,000 after acquiring an additional 29 shares during the period. Savvy Advisors Inc. boosted its holdings in shares of Elevance Health by 3.2% in the fourth quarter. Savvy Advisors Inc. now owns 979 shares of the company's stock worth $343,000 after acquiring an additional 30 shares during the period. Finally, CoreCap Advisors LLC boosted its holdings in shares of Elevance Health by 6.1% in the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the company's stock worth $195,000 after acquiring an additional 32 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Trading Up 0.7%

Shares of ELV stock opened at $391.82 on Thursday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.70. The business has a 50-day moving average price of $349.95 and a two-hundred day moving average price of $340.65. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $408.00. The firm has a market cap of $85.09 billion, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 2.20 and a beta of 0.67.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $12.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.74 by $1.84. Elevance Health had a return on equity of 15.58% and a net margin of 2.62%.The firm had revenue of $49.49 billion during the quarter, compared to analyst estimates of $48.21 billion. During the same quarter in the previous year, the company posted $11.97 earnings per share. The company's revenue was up 1.5% compared to the same quarter last year. Elevance Health has set its FY 2026 guidance at 19.850- EPS. Equities analysts anticipate that Elevance Health, Inc. will post 26.94 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Wednesday, June 10th will be paid a dividend of $1.72 per share. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $6.88 annualized dividend and a yield of 1.8%. Elevance Health's payout ratio is 29.26%.

Analyst Ratings Changes

ELV has been the subject of a number of analyst reports. Barclays raised their price target on Elevance Health from $408.00 to $480.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Truist Financial lifted their price objective on Elevance Health from $375.00 to $450.00 and gave the company a "buy" rating in a research note on Monday. Leerink Partners set a $364.00 price objective on Elevance Health in a research note on Thursday, April 23rd. Bank of America raised Elevance Health from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $405.00 to $435.00 in a research note on Wednesday, April 29th. Finally, Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a research note on Sunday, February 8th. Fourteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $407.05.

About Elevance Health

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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