Elevance Health, Inc. $ELV Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Elevance Health stake by 23.2% in the first quarter, adding 511,626 shares to own 2.72 million shares valued at approximately $795.9 million. Institutional investors collectively own 89.24% of ELV.
• Analyst sentiment remains favorable, with 15 Buy ratings and eight Holds producing a “Moderate Buy” consensus and an average price target of $440.90. Recent target changes included increases from JPMorgan and Guggenheim, while Barclays reduced its target to $457.
• Elevance reported quarterly EPS of $7.45, beating estimates of $6.21, while revenue reached $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, equivalent to an annualized $6.88 payout and a 1.8% yield.

Bank of America Corp DE lifted its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 23.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,718,766 shares of the company's stock after buying an additional 511,626 shares during the period. Bank of America Corp DE owned approximately 1.25% of Elevance Health worth $795,919,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ELV. M&T Bank Corp grew its holdings in shares of Elevance Health by 160.4% during the fourth quarter. M&T Bank Corp now owns 50,486 shares of the company's stock worth $17,698,000 after purchasing an additional 31,101 shares during the last quarter. Solidarity Wealth LLC acquired a new position in Elevance Health during the 4th quarter worth about $1,433,000. Manning & Napier Advisors LLC grew its holdings in Elevance Health by 1,423.1% during the 4th quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company's stock worth $129,152,000 after acquiring an additional 344,237 shares during the last quarter. Aberdeen Group plc increased its position in Elevance Health by 6.1% in the 4th quarter. Aberdeen Group plc now owns 288,976 shares of the company's stock valued at $101,301,000 after acquiring an additional 16,540 shares in the last quarter. Finally, Assetmark Inc. raised its stake in shares of Elevance Health by 21.8% in the fourth quarter. Assetmark Inc. now owns 105,688 shares of the company's stock worth $37,049,000 after acquiring an additional 18,913 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director owned 10,734 shares of the company's stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ELV shares. Evercore reissued a "hold" rating on shares of Elevance Health in a report on Tuesday, May 19th. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Barclays lowered their target price on Elevance Health from $480.00 to $457.00 and set an "overweight" rating for the company in a research note on Thursday, July 16th. JPMorgan Chase & Co. boosted their target price on Elevance Health from $411.00 to $476.00 and gave the stock an "overweight" rating in a research report on Monday, June 8th. Finally, Guggenheim upped their price target on Elevance Health from $399.00 to $455.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $440.90.

Elevance Health Stock Performance

ELV stock opened at $375.44 on Friday. The business's 50-day moving average price is $397.01 and its two-hundred day moving average price is $356.81. 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 firm has a market cap of $81.42 billion, a PE ratio of 16.69, a P/E/G ratio of 2.17 and a beta of 0.67. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The firm's quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the business posted $8.84 earnings per share. As a group, research analysts forecast that Elevance Health, Inc. will post 27.04 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders 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 dividend yield of 1.8%. Elevance Health's dividend payout ratio is currently 30.58%.

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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