The Manufacturers Life Insurance Company Buys Shares of 1,528,416 Elevance Health, Inc. $ELV

Key Points

• The Manufacturers Life Insurance Company acquired 1.53 million Elevance Health shares worth approximately $591.1 million, representing about 0.70% of the company. Institutional investors collectively own 89.24% of ELV.
• Elevance Health reported quarterly EPS of $7.45, beating estimates of $6.21, while revenue reached $49.83 billion versus the $48.88 billion consensus estimate. Revenue increased 0.8% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $440.90, compared with the stock’s reported price of $402.62. The company also declared a $1.72 quarterly dividend, equal to a 1.7% annualized yield.

The Manufacturers Life Insurance Company bought a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,528,416 shares of the company's stock, valued at approximately $591,084,000. The Manufacturers Life Insurance Company owned approximately 0.70% of Elevance Health as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Sei Investments Co. lifted its stake in shares of Elevance Health by 7.7% in the 2nd quarter. Sei Investments Co. now owns 163,668 shares of the company's stock valued at $63,666,000 after purchasing an additional 11,745 shares during the last quarter. Glenview Trust co increased its position in Elevance Health by 41.5% during the second quarter. Glenview Trust co now owns 1,619 shares of the company's stock worth $630,000 after buying an additional 475 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Elevance Health by 6.9% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company's stock valued at $25,650,000 after buying an additional 4,272 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Elevance Health by 5.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company's stock valued at $16,478,000 after buying an additional 2,012 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Elevance Health by 111.8% in the second quarter. Quantinno Capital Management LP now owns 43,911 shares of the company's stock worth $17,080,000 after buying an additional 23,180 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ELV has been the subject of several recent analyst reports. Barclays decreased their price target on Elevance Health from $480.00 to $457.00 and set an "overweight" rating for the company in a research note on Thursday, July 16th. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Truist Financial increased their price target on Elevance Health from $450.00 to $475.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Bank of America lifted their price target on shares of Elevance Health from $435.00 to $460.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Finally, Sanford C. Bernstein set a $488.00 price objective on shares of Elevance Health in a report on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Stock Up 0.5%

Shares of ELV stock opened at $402.62 on Tuesday. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The firm has a market cap of $87.32 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. The stock has a 50 day moving average of $394.79 and a 200-day moving average of $360.49. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter last year, the company posted $8.84 earnings per share. Elevance Health's quarterly revenue was up .8% on a year-over-year basis. On average, equities analysts predict that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a $1.72 dividend. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health's dividend payout ratio (DPR) is currently 30.58%.

Elevance Health Company 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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