Elevance Health, Inc. $ELV Stake Boosted by Fifth Third Bancorp

Fifth Third Bancorp increased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 16.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 46,558 shares of the company’s stock after buying an additional 6,565 shares during the quarter. Fifth Third Bancorp’s holdings in Elevance Health were worth $18,103,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Maryland State Retirement & Pension System raised its position in shares of Elevance Health by 13.9% in the third quarter. Maryland State Retirement & Pension System now owns 13,224 shares of the company’s stock valued at $5,142,000 after purchasing an additional 1,614 shares during the period. Ritholtz Wealth Management boosted its holdings in shares of Elevance Health by 33.4% during the 3rd quarter. Ritholtz Wealth Management now owns 3,242 shares of the company’s stock worth $1,260,000 after buying an additional 812 shares during the period. Joel Isaacson & Co. LLC boosted its holdings in shares of Elevance Health by 5.4% during the 3rd quarter. Joel Isaacson & Co. LLC now owns 2,590 shares of the company’s stock worth $1,007,000 after buying an additional 132 shares during the period. First Command Advisory Services Inc. grew its stake in Elevance Health by 2,271.4% in the 3rd quarter. First Command Advisory Services Inc. now owns 166 shares of the company’s stock valued at $65,000 after buying an additional 159 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its stake in Elevance Health by 6.5% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 66,477 shares of the company’s stock valued at $25,848,000 after buying an additional 4,077 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Down 0.1%

ELV opened at $429.50 on Friday. The firm has a market cap of $92.80 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 2.05 and a beta of 0.63. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.47 and a current ratio of 1.47. The firm’s 50-day simple moving average is $415.40 and its 200-day simple moving average is $375.20. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $450.69.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, October 21st. The company reported $6.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.71 by $2.28. The firm had revenue of $50.44 billion during the quarter, compared to the consensus estimate of $49.28 billion. Elevance Health had a return on equity of 14.97% and a net margin of 2.55%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.03 EPS. Equities research analysts anticipate that Elevance Health, Inc. will post 29.15 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be paid a dividend of $1.72 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $6.88 annualized dividend and a yield of 1.6%. Elevance Health’s dividend payout ratio (DPR) is presently 29.34%.

Analyst Ratings Changes

A number of research firms have weighed in on ELV. UBS Group boosted their target price on shares of Elevance Health from $460.00 to $523.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Wall Street Zen upgraded Elevance Health from a “hold” rating to a “buy” rating in a research note on Saturday, November 7th. Guggenheim lifted their price objective on Elevance Health from $460.00 to $485.00 and gave the stock a “buy” rating in a research note on Thursday, October 22nd. Robert W. Baird boosted their price objective on Elevance Health from $393.00 to $406.00 and gave the stock a “neutral” rating in a research report on Thursday, October 22nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Elevance Health in a research note on Wednesday. Fifteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $456.48.

Insider Activity at Elevance Health

In other news, CFO Mark Kaye sold 10,584 shares of Elevance Health stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the transaction, the chief financial officer directly owned 19,919 shares of the company’s stock, valued at $8,766,949.47. This trade represents a 34.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ratnakar Lavu sold 1,300 shares of Elevance Health stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $440.00, for a total value of $572,000.00. Following the transaction, the executive vice president owned 14,849 shares in the company, valued at approximately $6,533,560. This represents a 8.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.34% of the stock is owned by company insiders.

Elevance Health Profile

Elevance Health, Inc. is a U.S. health benefits and services company. Formerly known as Anthem, Inc., it adopted the Elevance Health name in 2022 while retaining the Anthem brand for many of its health plans. The company offers medical, pharmacy, dental, vision and behavioral health coverage, including plans for individuals and employers as well as programs serving Medicare and Medicaid members. Its services also include care management, pharmacy benefit services and other health-related capabilities through its Carelon business.