The Manufacturers Life Insurance Company Sells 196,978 Shares of Elevance Health, Inc. $ELV

The Manufacturers Life Insurance Company trimmed its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 8.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,078,364 shares of the company's stock after selling 196,978 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.96% of Elevance Health worth $608,441,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. WealthCollab LLC grew its position in shares of Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company's stock valued at $27,000 after purchasing an additional 27 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Elevance Health during the 4th quarter valued at $31,000. J.Safra Asset Management Corp purchased a new stake in Elevance Health during the 4th quarter worth about $32,000. ORG Partners LLC lifted its holdings in Elevance Health by 120.4% during the 4th quarter. ORG Partners LLC now owns 108 shares of the company's stock worth $38,000 after purchasing an additional 59 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Elevance Health in the 4th quarter worth about $38,000. Institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ELV. Bank of America upped their price target on Elevance Health from $435.00 to $460.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Guggenheim boosted their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Morgan Stanley upped their target price on shares of Elevance Health from $352.00 to $404.00 and gave the stock an "equal weight" rating in a report on Thursday, June 4th. Truist Financial increased their target price on shares of Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Elevance Health from a "hold" rating to a "buy" rating and raised their price target for the company from $363.00 to $498.00 in a report on Wednesday, May 20th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, Elevance Health presently has a consensus rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Stock Performance

Shares of ELV opened at $378.17 on Tuesday. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $436.24. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market cap of $82.01 billion, a PE ratio of 16.81, a price-to-earnings-growth ratio of 2.17 and a beta of 0.67. The stock has a 50-day moving average price of $398.39 and a 200-day moving average price of $356.51.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping the consensus estimate of $6.21 by $1.24. The company had revenue of $49.83 billion for the quarter, compared to analysts' expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. Elevance Health's revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the business earned $8.84 earnings per share. As a group, equities analysts forecast that Elevance Health, Inc. will post 27.04 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.8%. Elevance Health's dividend payout ratio is presently 30.58%.

Insider Activity at Elevance Health

In other 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 transaction of $60,667.27. Following the sale, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.34% of the stock is owned by insiders.

About Elevance Health

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.

Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.