Charles Schwab Investment Management Inc. Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Elevance Health, Inc. by 6.6%, owning approximately 1,782,653 shares valued at $775 million as of the latest SEC filing.
• Elevance Health announced a quarterly dividend of $1.71, with an annualized yield of 2.4%, set to be paid on September 25th.
• Analysts have a consensus rating of "Moderate Buy" for Elevance Health, with a target price of $418.19, despite recent downgrades by several investment firms.

Charles Schwab Investment Management Inc. lifted its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,782,653 shares of the company's stock after purchasing an additional 109,628 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.79% of Elevance Health worth $775,383,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ELV. ASR Vermogensbeheer N.V. purchased a new position in Elevance Health during the first quarter worth about $11,260,000. Strategy Asset Managers LLC increased its holdings in shares of Elevance Health by 2.1% during the 1st quarter. Strategy Asset Managers LLC now owns 5,858 shares of the company's stock worth $2,548,000 after buying an additional 118 shares during the last quarter. Hemington Wealth Management raised its position in shares of Elevance Health by 13.3% during the 1st quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after buying an additional 27 shares during the period. Roberts Glore & Co. Inc. IL lifted its holdings in Elevance Health by 5.1% in the first quarter. Roberts Glore & Co. Inc. IL now owns 2,325 shares of the company's stock valued at $1,011,000 after acquiring an additional 113 shares during the last quarter. Finally, AXS Investments LLC grew its position in Elevance Health by 8.1% in the first quarter. AXS Investments LLC now owns 681 shares of the company's stock worth $296,000 after acquiring an additional 51 shares during the period. Hedge funds and other institutional investors own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of research analyst reports. Baird R W downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Robert W. Baird reduced their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. JPMorgan Chase & Co. lowered their target price on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research note on Tuesday, July 22nd. Morgan Stanley dropped their price target on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Finally, Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Elevance Health presently has a consensus rating of "Moderate Buy" and a consensus target price of $418.19.

Elevance Health Trading Up 2.7%

NYSE:ELV opened at $283.65 on Friday. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $567.26. The stock has a market cap of $63.87 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.01 and a beta of 0.58. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a 50-day simple moving average of $341.96 and a 200-day simple moving average of $386.08.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same period last year, the company earned $10.12 earnings per share. The business's revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.4%. Elevance Health's payout ratio is 29.11%.

Insider Transactions at Elevance Health

In other news, CEO Gail Boudreaux acquired 8,500 shares of the company's stock in a transaction on Friday, July 18th. The shares were bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is owned by corporate insiders.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.

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