Elevance Health, Inc. $ELV Stock Purchased by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its Elevance Health stake by 6.5% in the second quarter, adding 28,647 shares to own 468,145 shares valued at approximately $181 million. Institutional investors collectively hold 89.24% of the company.
• Analysts maintain a “Moderate Buy” consensus on Elevance Health, with 15 Buy ratings and eight Holds and an average price target of $440.90.
• Elevance Health reported quarterly EPS of $7.45, beating estimates of $6.21, while revenue reached $49.83 billion. The company also declared a $1.72 quarterly dividend, equivalent to a 1.7% annual yield.

Envestnet Asset Management Inc. increased its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 468,145 shares of the company's stock after buying an additional 28,647 shares during the quarter. Envestnet Asset Management Inc. owned 0.22% of Elevance Health worth $181,046,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ELV. BlackRock Inc. bought a new position in shares of Elevance Health in the 2nd quarter worth about $7,344,424,000. State Street Corp grew its holdings in shares of Elevance Health by 1.3% during the second quarter. State Street Corp now owns 10,426,610 shares of the company's stock valued at $4,032,283,000 after buying an additional 137,914 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Elevance Health by 12.0% in the second quarter. Wellington Management Group LLP now owns 9,213,513 shares of the company's stock worth $3,563,142,000 after purchasing an additional 984,976 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Elevance Health by 10.0% during the fourth quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company's stock valued at $1,764,231,000 after buying an additional 455,946 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its holdings in Elevance Health by 1.4% in the 2nd quarter. First Eagle Investment Management LLC now owns 4,188,196 shares of the company's stock worth $1,619,701,000 after buying an additional 55,905 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ELV. Guggenheim boosted their target price on Elevance Health from $399.00 to $455.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Wells Fargo & Company reduced their price objective on Elevance Health from $492.00 to $473.00 and set an "overweight" rating for the company in a research report on Thursday, July 16th. Leerink Partners increased their target price on Elevance Health from $364.00 to $395.00 and gave the company a "market perform" rating in a report on Friday, July 17th. Barclays cut their price target 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. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $395.00 price objective on shares of Elevance Health in a research note on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Stock Performance

NYSE:ELV opened at $398.19 on Friday. 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 50-day simple moving average of $396.88 and a two-hundred day simple moving average of $373.62. The firm has a market capitalization of $86.35 billion, a PE ratio of 17.70, a P/E/G ratio of 2.09 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.

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

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a $1.72 dividend. 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 dividend payout ratio is currently 30.58%.

Elevance Health 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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