Elevance Health, Inc. $ELV Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its Elevance Health stake by 26.5% in the second quarter, selling 549,948 shares and retaining 1.53 million shares worth approximately $591.1 million. 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. Shares opened at $416.58, near the company’s 52-week high of $436.24.
• The company declared a quarterly dividend of $1.72 per share, equivalent to $6.88 annually and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $440.90.

The Manufacturers Life Insurance Company decreased its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 26.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,528,416 shares of the company's stock after selling 549,948 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.70% of Elevance Health worth $591,084,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. Stoneridge Investment Partners LLC acquired a new position in Elevance Health in the second quarter valued at approximately $970,000. State of Wyoming purchased a new stake in Elevance Health in the second quarter valued at $1,765,000. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Elevance Health in the second quarter valued at $2,086,000. Mawer Investment Management Ltd. lifted its stake in shares of Elevance Health by 10.9% in the 4th quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company's stock valued at $72,597,000 after purchasing an additional 20,438 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Elevance Health in the 2nd quarter valued at $1,267,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Price Performance

Elevance Health stock opened at $416.58 on Friday. The firm has a market cap of $90.34 billion, a PE ratio of 18.51, a price-to-earnings-growth ratio of 2.07 and a beta of 0.69. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The company's 50 day moving average is $397.04 and its two-hundred day moving average is $366.40.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company's quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $8.84 earnings per share. On average, research analysts expect that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared 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. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health's dividend payout ratio is 30.58%.

Analyst Upgrades and Downgrades

ELV has been the topic of a number of research analyst reports. UBS Group boosted their price target on shares of Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a research note on Friday, May 22nd. Wall Street Zen downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Cantor Fitzgerald boosted their target price on Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Weiss Ratings restated a "hold (c)" rating on shares of Elevance Health in a research note on Thursday, August 13th. Finally, Guggenheim raised their price target on Elevance Health from $399.00 to $455.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. 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 data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $440.90.

Elevance Health Company Profile

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.

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