State Street Corp Acquires 137,914 Shares of Elevance Health, Inc. $ELV

Key Points

• State Street increased its Elevance Health stake by 1.3%, purchasing 137,914 additional shares and bringing its holdings to 10.43 million shares worth approximately $4.03 billion. Institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly EPS of $7.45, beating estimates of $6.21, while revenue reached $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, representing a 1.7% yield.
• Shares recently traded down 1.3% at $404.01, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $440.90.

State Street Corp raised its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 1.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,426,610 shares of the company's stock after buying an additional 137,914 shares during the quarter. State Street Corp owned about 4.81% of Elevance Health worth $4,032,283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Elevance Health in the 2nd quarter valued at $7,344,424,000. Bank of New York Mellon Corp bought a new position in shares of Elevance Health during the 2nd quarter valued at about $1,246,349,000. Norges Bank purchased a new position in shares of Elevance Health during the fourth quarter valued at about $1,058,165,000. Legal & General Group Plc purchased a new position in shares of Elevance Health during the second quarter valued at about $688,469,000. Finally, Amundi increased its holdings in shares of Elevance Health by 145.7% in the first quarter. Amundi now owns 2,693,664 shares of the company's stock worth $788,570,000 after purchasing an additional 1,597,497 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Trading Down 1.3%

Shares of NYSE:ELV traded down $5.30 during trading on Tuesday, hitting $404.01. The company had a trading volume of 279,714 shares, compared to its average volume of 1,635,731. The stock has a market cap of $87.62 billion, a price-to-earnings ratio of 17.95, a price-to-earnings-growth ratio of 2.14 and a beta of 0.69. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The company has a fifty day simple moving average of $396.77 and a two-hundred day simple moving average of $371.29. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. The firm 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 for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $8.84 EPS. As a group, equities analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders 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 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health's dividend payout ratio (DPR) is 30.58%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Robert W. Baird increased their price target on Elevance Health from $331.00 to $393.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Wells Fargo & Company reduced 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. TD Cowen upped their price objective on Elevance Health from $400.00 to $465.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Sanford C. Bernstein set a $488.00 target price on Elevance Health in a research report on Thursday, July 16th. Finally, Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $440.90.

About Elevance Health

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.

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