The Manufacturers Life Insurance Company Has $735.74 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

The Manufacturers Life Insurance Company trimmed its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 4.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,994,419 shares of the company's stock after selling 97,550 shares during the quarter. Elevance Health makes up 0.6% of The Manufacturers Life Insurance Company's holdings, making the stock its 29th largest holding. The Manufacturers Life Insurance Company owned about 0.86% of Elevance Health worth $735,741,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Mutual Advisors LLC boosted its position in Elevance Health by 2.5% during the 4th quarter. Mutual Advisors LLC now owns 2,163 shares of the company's stock worth $833,000 after acquiring an additional 52 shares during the period. Czech National Bank grew its position in Elevance Health by 6.5% during the fourth quarter. Czech National Bank now owns 50,286 shares of the company's stock valued at $18,551,000 after purchasing an additional 3,049 shares in the last quarter. Diversified Trust Co increased its stake in Elevance Health by 13.7% in the 4th quarter. Diversified Trust Co now owns 22,576 shares of the company's stock valued at $8,328,000 after buying an additional 2,725 shares during the period. JB Capital LLC lifted its position in Elevance Health by 597.2% in the 4th quarter. JB Capital LLC now owns 9,384 shares of the company's stock worth $3,462,000 after buying an additional 8,038 shares in the last quarter. Finally, Tidal Investments LLC boosted its stake in shares of Elevance Health by 60.6% during the 3rd quarter. Tidal Investments LLC now owns 10,485 shares of the company's stock valued at $5,452,000 after buying an additional 3,956 shares during the period. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Activity at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares of the company's stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, the chief accounting officer now owns 1,847 shares of the company's stock, valued at approximately $766,745.11. The trade was a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,535 shares of company stock valued at $3,521,612 in the last three months. Corporate insiders own 0.29% of the company's stock.

Elevance Health Price Performance

ELV traded down $12.06 during midday trading on Thursday, reaching $408.52. 1,321,810 shares of the company's stock were exchanged, compared to its average volume of 1,465,424. The business has a 50-day simple moving average of $421.60 and a two-hundred day simple moving average of $406.82. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $92.30 billion, a price-to-earnings ratio of 15.95, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.60 by $1.37. The firm had revenue of $48.77 billion during the quarter, compared to the consensus estimate of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.67%. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ELV shares. Guggenheim reiterated a "buy" rating and set a $518.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Wells Fargo & Company lowered their price target on Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a research note on Tuesday, January 28th. Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Barclays upped their price target on Elevance Health from $512.00 to $522.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Finally, Baird R W lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $510.38.

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.