Fifth Third Bancorp Grows Holdings in Elevance Health, Inc. $ELV

Key Points

• Fifth Third Bancorp increased its stake in Elevance Health by 14.0%, owning a total of 18,936 shares valued at approximately $7.37 million at the end of the second quarter.
• Despite a revenue increase of 14.3% year-over-year, Elevance Health reported earnings per share of $8.84 for the last quarter, missing estimates by $0.46.
• The company declared a quarterly dividend of $1.71, representing an annual yield of 2.2%, with a dividend payout ratio of 29.11%.

Fifth Third Bancorp boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 14.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,936 shares of the company's stock after buying an additional 2,329 shares during the quarter. Fifth Third Bancorp's holdings in Elevance Health were worth $7,365,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Private Wealth Management Group LLC grew its stake in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. WPG Advisers LLC purchased a new position in shares of Elevance Health during the 1st quarter valued at approximately $29,000. Riverview Trust Co grew its position in shares of Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after buying an additional 67 shares in the last quarter. North Capital Inc. bought a new stake in shares of Elevance Health in the first quarter worth $36,000. Finally, Saudi Central Bank acquired a new stake in Elevance Health in the first quarter valued at $40,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Down 2.9%

Shares of Elevance Health stock opened at $316.96 on Friday. The stock has a market capitalization of $71.37 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 1.20 and a beta of 0.59. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $528.52. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The business's 50 day simple moving average is $302.31 and its 200-day simple moving average is $365.52.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The company had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter in the previous year, the company earned $10.12 earnings per share. Elevance Health's quarterly revenue was up 14.3% compared to the same quarter last year. Equities research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were given a $1.71 dividend. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.

Insider Transactions at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The stock was acquired at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Susan D. Devore acquired 1,200 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ELV. Guggenheim decreased their price objective on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a report on Friday, July 18th. Argus reissued a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. UBS Group cut their price objective on Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research note on Friday, September 5th. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Finally, Morgan Stanley lowered their price target on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $411.06.

Elevance Health Profile

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.

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