Wellington Management Group LLP Increases Stake in Elevance Health, Inc. $ELV

Wellington Management Group LLP boosted its position in Elevance Health, Inc. (NYSE:ELV) by 12.0% during the second quarter, HoldingsChannel reports. The fund owned 9,213,513 shares of the company’s stock after buying an additional 984,976 shares during the quarter. Elevance Health comprises 0.6% of Wellington Management Group LLP’s holdings, making the stock its 23rd biggest position. Wellington Management Group LLP’s holdings in Elevance Health were worth $3,563,142,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ELV. Stoneridge Investment Partners LLC acquired a new position in shares of Elevance Health in the 2nd quarter valued at about $970,000. Manning & Napier Advisors LLC raised its holdings in Elevance Health by 1,423.1% in the fourth quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock valued at $129,152,000 after buying an additional 344,237 shares during the period. State of Wyoming acquired a new position in Elevance Health during the second quarter valued at approximately $1,765,000. Mawer Investment Management Ltd. lifted its position in Elevance Health by 10.9% during the fourth quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company’s stock valued at $72,597,000 after buying an additional 20,438 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its stake in Elevance Health by 7.8% during the second quarter. Handelsbanken Fonder AB now owns 79,811 shares of the company’s stock worth $30,865,000 after buying an additional 5,772 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

Elevance Health stock opened at $395.28 on Friday. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week 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 stock has a market cap of $85.72 billion, a P/E ratio of 17.57, a price-to-earnings-growth ratio of 2.28 and a beta of 0.68. The stock has a 50 day moving average of $395.36 and a 200-day moving average of $362.06.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.84 earnings per share. On average, analysts expect that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health’s payout ratio is presently 30.58%.

Analysts Set New Price Targets

ELV has been the topic of a number of research reports. Wells Fargo & Company cut their target price on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft raised shares of Elevance Health from a “hold” rating to a “buy” rating and upped their price target for the stock from $363.00 to $498.00 in a research report on Wednesday, May 20th. Morgan Stanley increased their price target on Elevance Health from $352.00 to $404.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Robert W. Baird boosted their price objective on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $440.90.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction dated 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 owned 10,734 shares in the company, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.34% of the company’s stock.

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.