Meeder Asset Management Inc. Makes New $5.58 Million Investment in Elevance Health, Inc. $ELV

Key Points

• Meeder Asset Management acquired 14,428 Elevance Health shares worth approximately $5.58 million during the second quarter. Institutional investors collectively own 89.24% of the company.
• Analyst sentiment is generally positive, with 15 Buy ratings and eight Holds producing a “Moderate Buy” consensus and an average price target of $440.90.
• Elevance Health exceeded quarterly earnings expectations, reporting $7.45 in EPS and $49.83 billion in revenue. The company also announced a quarterly dividend of $1.72 per share, representing a 1.8% yield.

Meeder Asset Management Inc. acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 14,428 shares of the company's stock, valued at approximately $5,580,000.

Several other institutional investors have also recently made changes to their positions in ELV. Pzena Investment Management LLC purchased a new position in shares of Elevance Health during the 2nd quarter worth about $86,850,000. Cornerstone Advisors LLC purchased a new stake in Elevance Health in the 2nd quarter worth about $13,428,000. Aegis Wealth Management LLC purchased a new stake in Elevance Health in the 2nd quarter worth about $372,000. MidFirst Bank bought a new stake in Elevance Health in the second quarter worth about $6,442,000. Finally, BlackRock Inc. bought a new stake in Elevance Health in the second quarter worth about $7,344,424,000. Institutional investors own 89.24% of the company's stock.

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Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction 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 owned 10,734 shares of the company's stock, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ELV. Deutsche Bank Aktiengesellschaft raised Elevance Health from a "hold" rating to a "buy" rating and upped their target price for the company from $363.00 to $498.00 in a research note on Wednesday, May 20th. UBS Group boosted their price objective on Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a report on Friday, May 22nd. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $395.00 price objective on shares of Elevance Health in a research report on Thursday, July 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Elevance Health in a research note on Thursday. Finally, TD Cowen lifted their target price on Elevance Health from $400.00 to $465.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $440.90.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $390.69 on Tuesday. The firm's 50 day simple moving average is $395.48 and its 200-day simple moving average is $358.49. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. 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 $84.73 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 2.30 and a beta of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly 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. 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 analyst estimates of $48.88 billion. During the same quarter in the previous year, the business earned $8.84 earnings per share. Elevance Health's quarterly revenue was up .8% on a year-over-year basis. As a group, equities analysts predict that Elevance Health, Inc. will post 27.07 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced 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. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health's dividend payout ratio is currently 30.58%.

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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