Barrow Hanley Mewhinney & Strauss LLC Takes $175.05 Million Position in Elevance Health, Inc. $ELV

Key Points

• Barrow Hanley Mewhinney & Strauss acquired 452,636 Elevance Health shares worth approximately $175.05 million, while institutional investors collectively own 89.24% of the company.
• Elevance reported quarterly earnings of $7.45 per share, surpassing estimates of $6.21, with revenue of $49.83 billion—up 0.8% year over year.
• 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 with an average price target of $440.90.

Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 452,636 shares of the company's stock, valued at approximately $175,048,000. Barrow Hanley Mewhinney & Strauss LLC owned approximately 0.21% of Elevance Health at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in Elevance Health in the second quarter worth $7,344,424,000. Bank of New York Mellon Corp purchased a new position in shares of Elevance Health during the 2nd quarter valued at $1,246,349,000. Norges Bank bought a new position in shares of Elevance Health during the 4th quarter worth $1,058,165,000. Wellington Management Group LLP grew its stake in shares of Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company's stock worth $2,906,051,000 after acquiring an additional 1,668,679 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in 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 worth $2,610,261,000 after acquiring an additional 1,607,274 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

Shares of ELV opened at $400.66 on Monday. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24. The stock's 50-day simple moving average is $394.76 and its 200 day simple moving average is $360.04. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The stock has a market capitalization of $86.89 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results 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 business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the previous year, the firm earned $8.84 EPS. The company's quarterly revenue was up .8% compared to the same quarter last year. Research analysts forecast that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Announces Dividend

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

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the 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 sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $395.00 price objective on shares of Elevance Health in a report on Thursday, July 16th. Bank of America lifted their target price on shares of Elevance Health from $435.00 to $460.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. Barclays lowered 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 report on Thursday, July 16th. Mizuho upped their price target on shares of Elevance Health from $435.00 to $465.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Elevance Health from $411.00 to $476.00 and gave the stock an "overweight" rating in a report on Monday, June 8th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and an average price target 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.

Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source