Madison Asset Management LLC Acquires New Stake in Elevance Health, Inc. $ELV

Key Points

• Madison Asset Management acquired 13,746 shares of Elevance Health during the second quarter, valued at approximately $5.3 million. Institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly EPS of $7.45, exceeding estimates of $6.21, while revenue reached $49.83 billion and increased 0.8% year over year.
• The company declared a quarterly dividend of $1.72, equivalent to an annualized $6.88 payout and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90.

Madison Asset Management LLC bought a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,746 shares of the company's stock, valued at approximately $5,316,000.

Other large investors have also made changes to their positions in the company. Sei Investments Co. grew its position in Elevance Health by 7.7% during the second quarter. Sei Investments Co. now owns 163,668 shares of the company's stock valued at $63,666,000 after buying an additional 11,745 shares during the period. Glenview Trust co raised its position in Elevance Health by 41.5% in the second quarter. Glenview Trust co now owns 1,619 shares of the company's stock worth $630,000 after acquiring an additional 475 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Elevance Health by 6.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company's stock worth $25,650,000 after acquiring an additional 4,272 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Elevance Health by 5.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company's stock worth $16,478,000 after acquiring an additional 2,012 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Elevance Health by 111.8% during the 2nd quarter. Quantinno Capital Management LP now owns 43,911 shares of the company's stock worth $17,080,000 after acquiring an additional 23,180 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $398.53 on Thursday. The firm has a market cap of $86.43 billion, a PE ratio of 17.71, a PEG ratio of 2.29 and a beta of 0.68. The stock has a 50 day moving average of $394.87 and a 200 day moving average of $359.27. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company's revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $8.84 EPS. On average, research analysts expect that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Dividend Announcement

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

Analyst Ratings Changes

ELV has been the subject of several analyst reports. Evercore restated a "hold" rating on shares of Elevance Health in a research note on Tuesday, May 19th. Citigroup upgraded Elevance Health to a "buy" rating in a research report on Wednesday, April 29th. UBS Group boosted their price target on Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a report on Friday, May 22nd. Cantor Fitzgerald upped their price target on Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Finally, Wells Fargo & Company decreased their price objective on Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $440.90.

Insider Transactions at Elevance Health

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

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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