BlackRock Inc. Invests $7.34 Billion in Elevance Health, Inc. $ELV

Key Points

• BlackRock acquired 18.99 million Elevance Health shares worth approximately $7.34 billion, giving it an 8.76% stake. Institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly EPS of $7.45, beating estimates of $6.21, while revenue reached $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 dividend and a 1.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $440.90.

BlackRock Inc. purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 18,991,090 shares of the company's stock, valued at approximately $7,344,424,000. BlackRock Inc. owned about 8.76% of Elevance Health as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Sei Investments Co. raised its holdings in shares of Elevance Health by 7.7% during the second quarter. Sei Investments Co. now owns 163,668 shares of the company's stock valued at $63,666,000 after acquiring an additional 11,745 shares in the last quarter. Glenview Trust co increased its position in Elevance Health by 41.5% during the 2nd quarter. Glenview Trust co now owns 1,619 shares of the company's stock valued at $630,000 after purchasing an additional 475 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in Elevance Health by 6.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company's stock valued at $25,650,000 after purchasing an additional 4,272 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Elevance Health by 5.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company's stock worth $16,478,000 after purchasing an additional 2,012 shares in the last quarter. Finally, Quantinno Capital Management LP raised its holdings in Elevance Health by 111.8% in the 2nd quarter. Quantinno Capital Management LP now owns 43,911 shares of the company's stock worth $17,080,000 after purchasing an additional 23,180 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Down 2.4%

Shares of Elevance Health stock opened at $390.69 on Tuesday. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. The firm has a market cap of $84.73 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 2.30 and a beta of 0.68. The company has a 50-day moving average of $395.48 and a 200 day moving average of $358.49. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52.

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

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.8%. Elevance Health's payout ratio is presently 30.58%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ELV. Jefferies Financial Group cut their target price on shares of Elevance Health from $395.00 to $391.00 and set a "buy" rating on the stock in a research note on Monday, April 20th. Guggenheim raised their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Evercore reaffirmed a "hold" rating on shares of Elevance Health in a research report on Tuesday, May 19th. Truist Financial upped their target price on Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Finally, Mizuho increased their target price on Elevance Health from $435.00 to $465.00 and gave the stock an "outperform" rating in a research 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 company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $440.90.

Insider Buying and Selling

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business'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 sale, the director directly owned 10,734 shares of the company's stock, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The transaction 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.

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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