Handelsbanken Fonder AB Has $30.86 Million Position in Elevance Health, Inc. $ELV

Key Points

• Handelsbanken Fonder AB increased its Elevance Health stake by 7.8% in the second quarter, bringing its holdings to 79,811 shares valued at approximately $30.86 million. Institutional investors collectively own 89.24% of the stock.
• Elevance Health reported quarterly EPS of $7.45, beating analyst expectations of $6.21, while revenue reached $49.83 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90.
• The company declared a quarterly dividend of $1.72 per share, equivalent to $6.88 annually and a 1.8% yield. Shares recently opened at $389.39, with a 52-week range of $274.84 to $436.24.

Handelsbanken Fonder AB increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 7.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,811 shares of the company's stock after buying an additional 5,772 shares during the period. Handelsbanken Fonder AB's holdings in Elevance Health were worth $30,865,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its holdings in Elevance Health by 160.4% in the fourth quarter. M&T Bank Corp now owns 50,486 shares of the company's stock valued at $17,698,000 after acquiring an additional 31,101 shares during the last quarter. Solidarity Wealth LLC acquired a new stake in Elevance Health during the 4th quarter valued at approximately $1,433,000. Manning & Napier Advisors LLC raised its holdings in Elevance Health by 1,423.1% during the 4th quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company's stock worth $129,152,000 after purchasing an additional 344,237 shares during the last quarter. Assetmark Inc. raised its holdings in Elevance Health by 21.8% during the 4th quarter. Assetmark Inc. now owns 105,688 shares of the company's stock worth $37,049,000 after purchasing an additional 18,913 shares during the last quarter. Finally, Mawer Investment Management Ltd. lifted its position 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 worth $72,597,000 after purchasing an additional 20,438 shares during the period. 89.24% of the stock is owned by institutional investors.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the transaction, the director owned 10,734 shares of the company's stock, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.34% of the company's stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $389.39 on Wednesday. The company has a market cap of $84.45 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. 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 firm has a 50 day moving average of $396.46 and a 200-day moving average of $357.47.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results 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 for 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%. Elevance Health's quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.84 EPS. On average, equities analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders 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 dividend yield of 1.8%. Elevance Health's dividend payout ratio is currently 30.58%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ELV shares. Guggenheim upped their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft raised shares of Elevance Health from a "hold" rating to a "buy" rating and lifted their target price for the stock from $363.00 to $498.00 in a research note on Wednesday, May 20th. Sanford C. Bernstein set a $488.00 target price on shares of Elevance Health in a report on Thursday, July 16th. Royal Bank Of Canada cut their price target on shares of Elevance Health from $439.00 to $424.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 16th. Finally, Bank of America increased their price target on Elevance Health from $435.00 to $460.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $440.90.

Elevance Health Profile

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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