M&G PLC Boosts Stock Position in Elevance Health, Inc. $ELV

M&G PLC increased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 16.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 930,293 shares of the company’s stock after acquiring an additional 133,992 shares during the period. Elevance Health makes up about 2.0% of M&G PLC’s investment portfolio, making the stock its 7th largest position. M&G PLC’s holdings in Elevance Health were worth $361,884,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Forsta AP Fonden grew its stake in shares of Elevance Health by 9.2% in the 2nd quarter. Forsta AP Fonden now owns 78,100 shares of the company’s stock worth $30,378,000 after purchasing an additional 6,600 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Elevance Health by 1.0% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 317,054 shares of the company’s stock worth $123,321,000 after buying an additional 3,268 shares in the last quarter. National Pension Service boosted its holdings in Elevance Health by 1.0% during the second quarter. National Pension Service now owns 536,395 shares of the company’s stock worth $208,636,000 after buying an additional 5,308 shares in the last quarter. Advyzon Investment Management LLC increased its holdings in shares of Elevance Health by 12.5% in the second quarter. Advyzon Investment Management LLC now owns 710 shares of the company’s stock valued at $276,000 after buying an additional 79 shares in the last quarter. Finally, IMA Advisory Services Inc. lifted its position in shares of Elevance Health by 6.9% during the 2nd quarter. IMA Advisory Services Inc. now owns 3,647 shares of the company’s stock valued at $1,419,000 after acquiring an additional 235 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Elevance Health news, Director Susan D. Devore acquired 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Elevance Health Trading Up 3.7%

Shares of NYSE:ELV opened at $315.06 on Wednesday. The firm has a fifty day moving average of $328.95 and a two-hundred day moving average of $342.64. The firm has a market capitalization of $70.02 billion, a P/E ratio of 12.88, a price-to-earnings-growth ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $458.75. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same quarter last year, the firm earned $8.37 earnings per share. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. On average, equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a dividend of $1.71 per share. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. Elevance Health’s dividend payout ratio (DPR) is currently 27.96%.

Analyst Ratings Changes

ELV has been the subject of several analyst reports. Barclays reduced their target price on Elevance Health from $395.00 to $385.00 and set an “overweight” rating for the company in a report on Wednesday, October 22nd. Leerink Partners reaffirmed a “market perform” rating and set a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Guggenheim raised their target price on shares of Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price target on shares of Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Finally, Morgan Stanley upped their price target on shares of Elevance Health from $316.00 to $359.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 14th. Twelve research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $397.33.

Elevance Health 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.