Envestnet Asset Management Inc. Grows Stock Position in Elevance Health, Inc. (NYSE:ELV)

Envestnet Asset Management Inc. raised its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 16.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 573,607 shares of the company's stock after purchasing an additional 82,014 shares during the period. Envestnet Asset Management Inc. owned 0.25% of Elevance Health worth $249,496,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Elevance Health by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company's stock worth $7,926,028,000 after acquiring an additional 138,380 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Elevance Health by 4.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock worth $3,917,004,000 after acquiring an additional 464,137 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Elevance Health by 42.5% in the fourth 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 during the period. Geode Capital Management LLC boosted its holdings in shares of Elevance Health by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company's stock worth $1,826,447,000 after acquiring an additional 115,971 shares during the period. Finally, Sanders Capital LLC boosted its holdings in shares of Elevance Health by 1.7% in the fourth quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock worth $1,728,722,000 after acquiring an additional 76,896 shares during the period. 89.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on ELV shares. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Elevance Health in a report on Friday, March 28th. Robert W. Baird reaffirmed a "neutral" rating and issued a $529.00 price target (down from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Guggenheim reiterated a "buy" rating and issued a $518.00 price objective on shares of Elevance Health in a research report on Wednesday, April 23rd. Royal Bank Of Canada reiterated an "outperform" rating and issued a $478.00 price objective on shares of Elevance Health in a research report on Wednesday, June 4th. Finally, Wall Street Zen upgraded Elevance Health from a "hold" rating to a "buy" rating in a research report on Thursday, March 20th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $495.80.

Elevance Health Price Performance

NYSE ELV traded down $1.05 during trading hours on Thursday, reaching $345.31. 2,218,448 shares of the stock traded hands, compared to its average volume of 1,627,887. The stock has a 50 day simple moving average of $383.53 and a two-hundred day simple moving average of $397.80. Elevance Health, Inc. has a 1 year low of $339.71 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. The company has a market cap of $78.02 billion, a price-to-earnings ratio of 13.47, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. On average, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.98%. Elevance Health's dividend payout ratio is currently 26.69%.

Insider Activity at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the transaction, the chief financial officer owned 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company's stock.

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.