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

Key Points

• Bank of New York Mellon initiated a position in Elevance Health, purchasing 3.22 million shares valued at approximately $1.25 billion and representing 1.49% of the company. Institutional investors collectively own 89.24% of Elevance Health.
• Elevance Health reported quarterly earnings of $7.45 per share, exceeding estimates of $6.21, while revenue reached $49.83 billion. Analysts expect full-year earnings of $27.07 per share.
• The company declared a quarterly dividend of $1.72 per share, equivalent to an annualized $6.88 payout and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90.

Bank of New York Mellon Corp purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,222,787 shares of the company's stock, valued at approximately $1,246,349,000. Bank of New York Mellon Corp owned 1.49% of Elevance Health at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in Elevance Health by 25.2% during the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company's stock worth $2,906,051,000 after purchasing an additional 1,668,679 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company's stock valued at $2,610,261,000 after purchasing an additional 1,607,274 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Elevance Health by 10.0% in 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 purchasing an additional 455,946 shares during the last quarter. First Eagle Investment Management LLC raised its holdings in shares of Elevance Health by 0.6% during the 4th quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company's stock worth $1,410,219,000 after buying an additional 24,271 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Elevance Health by 50.3% during the 4th quarter. Invesco Ltd. now owns 3,903,878 shares of the company's stock worth $1,368,505,000 after buying an additional 1,306,390 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Price Performance

Elevance Health stock opened at $397.15 on Friday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $86.13 billion, a PE ratio of 17.65, a P/E/G 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 has a 50-day moving average price of $394.82 and a two-hundred day moving average price of $359.63.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $48.88 billion. During the same period in the previous year, the business posted $8.84 earnings per share. The business's quarterly revenue was up .8% compared to the same quarter last year. Analysts expect that Elevance Health, Inc. will post 27.07 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued 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 payout ratio is presently 30.58%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the company'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 value of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

ELV has been the topic of several research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Elevance Health in a research note on Thursday, August 13th. UBS Group increased 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. Evercore restated a "hold" rating on shares of Elevance Health in a research note on Tuesday, May 19th. Royal Bank Of Canada decreased their price target on shares of Elevance Health from $439.00 to $424.00 and set a "sector perform" rating on the stock in a report on Thursday, July 16th. Finally, Bank of America upped their price objective on shares of Elevance Health from $435.00 to $460.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, Elevance Health presently has a consensus rating of "Moderate Buy" and an average target price of $440.90.

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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