Meeder Asset Management Inc. Has $3.87 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Meeder Asset Management Inc. significantly increased its stake in Elevance Health by 13,371.2%, owning 8,891 shares worth approximately $3.87 million after a purchase of an additional 8,825 shares.
• Shares of Elevance Health (ELV) have recently faced analyst downgrades, with JPMorgan lowering its target price from $472.00 to $384.00, while the stock also has an average rating of "Moderate Buy" and a target price of $418.19.
• The company announced a quarterly dividend of $1.71 per share, representing a dividend yield of 2.39%, and will be paid to stockholders of record on September 10th.

Meeder Asset Management Inc. lifted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 13,371.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,891 shares of the company's stock after purchasing an additional 8,825 shares during the quarter. Meeder Asset Management Inc.'s holdings in Elevance Health were worth $3,867,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of ELV. Wellington Management Group LLP boosted its stake in shares of Elevance Health by 42.5% during the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock worth $2,344,556,000 after acquiring an additional 1,893,947 shares in the last quarter. GAMMA Investing LLC boosted its stake in Elevance Health by 81,726.5% in the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock worth $641,355,000 after purchasing an additional 1,472,712 shares during the period. D1 Capital Partners L.P. purchased a new position in Elevance Health during the 4th quarter worth approximately $294,751,000. Price T Rowe Associates Inc. MD raised its stake in Elevance Health by 4.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock valued at $3,917,004,000 after purchasing an additional 464,137 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Elevance Health by 48.7% in the fourth quarter. First Trust Advisors LP now owns 1,267,396 shares of the company's stock worth $467,542,000 after buying an additional 414,989 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ELV shares. Wells Fargo & Company lowered their target price on Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Leerink Partnrs downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Barclays reduced their price target on Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Leerink Partners reissued a "market perform" rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Finally, Robert W. Baird dropped their price target on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Elevance Health presently has a consensus rating of "Moderate Buy" and a consensus price target of $418.19.

Insider Buying and Selling

In related news, CEO Gail Boudreaux acquired 8,500 shares of the stock in a transaction on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.29% of the company's stock.

Elevance Health Price Performance

Shares of ELV stock traded down $6.47 during mid-day trading on Friday, reaching $276.61. The company's stock had a trading volume of 1,637,935 shares, compared to its average volume of 1,926,642. The company has a market cap of $62.29 billion, a P/E ratio of 11.77, a PEG ratio of 1.08 and a beta of 0.60. The firm's 50-day moving average is $351.82 and its two-hundred day moving average is $389.87. Elevance Health, Inc. has a 1-year low of $274.40 and a 1-year high of $567.26. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44.

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 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 company had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter last year, the company earned $10.12 earnings per share. The business's revenue was up 14.3% on a year-over-year basis. On average, research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be paid 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 2.5%. Elevance Health's payout ratio is currently 29.11%.

About Elevance Health

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.