Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Elevance Health by 5.7%, holding 40,009 shares worth approximately $15.56 million as of its latest SEC filing.
• Elevance Health's stock has recently seen analysts adjust their price targets, with JPMorgan and Morgan Stanley reducing targets significantly, while Barclays raised its price target to $373.
• The company announced a quarterly dividend of $1.71 per share, which translates to an annualized yield of 1.9% for shareholders of record.

Mirae Asset Global Investments Co. Ltd. grew its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 5.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,009 shares of the company's stock after purchasing an additional 2,154 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Elevance Health were worth $15,562,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Private Wealth Management Group LLC lifted its stake in Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after purchasing an additional 38 shares in the last quarter. WPG Advisers LLC purchased a new stake in shares of Elevance Health during the 1st quarter valued at approximately $29,000. North Capital Inc. purchased a new stake in shares of Elevance Health during the 1st quarter valued at approximately $36,000. Saudi Central Bank purchased a new stake in shares of Elevance Health during the 1st quarter valued at approximately $40,000. Finally, Berbice Capital Management LLC purchased a new stake in shares of Elevance Health during the 1st quarter valued at approximately $43,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on ELV shares. Leerink Partners reaffirmed a "market perform" rating and set a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. JPMorgan Chase & Co. reduced their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Morgan Stanley reduced their price target on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. Barclays lifted their price target on shares of Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a research report on Thursday, September 4th. Finally, Guggenheim reduced their price target on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Twelve investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $411.06.

Insider Transactions at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The stock was acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan D. Devore purchased 1,200 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares of the company's stock, valued at $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Stock Performance

Shares of ELV stock opened at $351.11 on Friday. The firm has a fifty day moving average price of $307.98 and a 200 day moving average price of $361.19. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $510.24. 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 company has a market cap of $79.06 billion, a P/E ratio of 14.94, a PEG ratio of 1.28 and a beta of 0.59.

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

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 29.11%.

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.

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