Swedbank AB Increases Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• Swedbank AB increased its holdings in Elevance Health by 12.1%, owning approximately 351,635 shares valued at about $136.77 million as of the latest SEC filing.
• Several institutional investors have also significantly adjusted their positions in Elevance Health, with 89.24% of the company's stock now held by hedge funds and institutions.
• Elevance Health recently reported earnings of $8.84 per share, missing estimates by $0.46, while overall revenue reached $49.42 billion, exceeding forecasts.

Swedbank AB raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 12.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 351,635 shares of the company's stock after acquiring an additional 37,985 shares during the period. Swedbank AB owned approximately 0.16% of Elevance Health worth $136,772,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ELV. Private Wealth Management Group LLC lifted its stake in shares of Elevance Health by 152.0% in the 1st 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 during the period. WPG Advisers LLC acquired a new position in shares of Elevance Health in the 1st quarter valued at $29,000. Riverview Trust Co lifted its stake in shares of Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares during the period. North Capital Inc. acquired a new position in shares of Elevance Health in the 1st quarter valued at $36,000. Finally, Saudi Central Bank acquired a new position in shares of Elevance Health in the 1st quarter valued at $40,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Price Performance

Shares of Elevance Health stock traded up $4.76 during trading hours on Monday, reaching $318.47. 1,456,167 shares of the company's stock were exchanged, compared to its average volume of 1,950,699. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $542.22. The company has a market capitalization of $71.71 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 1.15 and a beta of 0.59. The business has a fifty day moving average of $302.61 and a two-hundred day moving average of $366.74. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results 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). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The business had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the previous year, the company earned $10.12 EPS. Elevance Health's quarterly revenue was up 14.3% compared to the same quarter last year. As a group, research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. Elevance Health's dividend payout ratio is currently 29.11%.

Insider Transactions at Elevance Health

In other news, CEO Gail Boudreaux acquired 8,500 shares of the company's stock in a transaction that occurred 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 completion of the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Susan D. Devore acquired 1,200 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director directly owned 3,502 shares of the company's stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Robert W. Baird decreased their target price on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Truist Financial cut their price target on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Guggenheim cut their price target on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. cut their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a report on Tuesday, July 22nd. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Elevance Health has an average rating of "Moderate Buy" and an average target price of $411.06.

About Elevance Health

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.