Hsbc Holdings PLC Takes $202.53 Million Position in Elevance Health, Inc. $ELV

Key Points

• HSBC Holdings PLC purchased 522,886 shares of Elevance Health in the second quarter, establishing a position worth approximately $202.5 million and representing about 0.24% of the company.
• Elevance Health reported quarterly EPS of $7.45, beating estimates of $6.21, while revenue reached $49.83 billion. Institutional investors and hedge funds own 89.24% of the stock.
• The company declared a quarterly dividend of $1.72, equal to $6.88 annually and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $440.90.

Hsbc Holdings PLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 522,886 shares of the company's stock, valued at approximately $202,531,000. Hsbc Holdings PLC owned approximately 0.24% of Elevance Health as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ELV. BlackRock Inc. acquired a new position in shares of Elevance Health in the 2nd quarter valued at approximately $7,344,424,000. Wellington Management Group LLP increased its holdings in Elevance Health by 25.2% in the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company's stock worth $2,906,051,000 after purchasing an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Elevance Health by 27.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company's stock valued at $2,610,261,000 after purchasing an additional 1,607,274 shares during the last quarter. Artisan Partners Limited Partnership raised its position in Elevance Health by 10.0% in 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 purchasing an additional 455,946 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in shares of Elevance Health by 0.6% during the fourth quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company's stock valued at $1,410,219,000 after purchasing an additional 24,271 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Price Performance

Elevance Health stock opened at $398.64 on Wednesday. The stock's 50 day moving average is $394.81 and its 200 day moving average is $360.90. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24. The firm has a market cap of $86.45 billion, a P/E ratio of 17.72, a P/E/G ratio of 2.31 and a beta of 0.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52.

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

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health's dividend payout ratio is presently 30.58%.

Analysts Set New Price Targets

ELV has been the subject of several recent research reports. Mizuho upped their price objective on Elevance Health from $435.00 to $465.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. UBS Group lifted their target price on shares of Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a research report on Friday, May 22nd. Leerink Partners boosted their target price on shares of Elevance Health from $364.00 to $395.00 and gave the stock a "market perform" rating in a report on Friday, July 17th. JPMorgan Chase & Co. upped their price target on shares of Elevance Health from $411.00 to $476.00 and gave the company an "overweight" rating in a research report on Monday, June 8th. Finally, Sanford C. Bernstein set a $488.00 price target on shares of Elevance Health in a research note on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and an average price target of $440.90.

Insider Buying and Selling

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

Elevance Health Company 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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