Madison Asset Management LLC Has $65.06 Million Position in Elevance Health, Inc. (NYSE:ELV)

Madison Asset Management LLC increased its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 140.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 149,572 shares of the company's stock after acquiring an additional 87,491 shares during the period. Madison Asset Management LLC owned about 0.07% of Elevance Health worth $65,058,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Accredited Wealth Management LLC bought a new position in Elevance Health in the fourth quarter valued at $25,000. Private Wealth Management Group LLC grew its position in Elevance Health by 152.0% in the first 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. WealthTrak Capital Management LLC bought a new position in Elevance Health in the fourth quarter valued at $29,000. Riverview Trust Co grew its position in Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares in the last quarter. Finally, North Capital Inc. bought a new position in Elevance Health in the first quarter valued at $36,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

NYSE ELV traded up $8.68 during trading on Friday, reaching $289.11. The company's stock had a trading volume of 4,807,740 shares, compared to its average volume of 2,861,243. 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 firm has a market capitalization of $65.10 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.03 and a beta of 0.60. Elevance Health, Inc. has a 12 month low of $274.40 and a 12 month high of $567.26. The firm has a 50 day moving average price of $360.79 and a 200 day moving average price of $392.58.

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

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 29.11%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ELV. Mizuho raised their target price on shares of Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research report on Wednesday, April 9th. Leerink Partners reissued a "market perform" rating and issued a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Truist Financial decreased their price objective on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. 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 research report on Friday, July 18th. Finally, UBS Group reissued a "buy" rating and issued a $484.00 price objective (down previously from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $418.19.

Insider Transactions at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of the business's stock in a transaction on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Elevance Health Company 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.