AMF Tjanstepension AB Raises Holdings in Elevance Health, Inc. $ELV

AMF Tjanstepension AB boosted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 44.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 149,520 shares of the company’s stock after buying an additional 45,726 shares during the quarter. AMF Tjanstepension AB’s holdings in Elevance Health were worth $58,181,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Private Wealth Management Group LLC increased its position in shares of Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the last quarter. WPG Advisers LLC purchased a new position in Elevance Health during the first quarter worth about $29,000. Riverview Trust Co increased its position in shares of Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company’s stock valued at $31,000 after acquiring an additional 67 shares during the last quarter. North Capital Inc. purchased a new stake in shares of Elevance Health in the 1st quarter valued at approximately $36,000. Finally, Saudi Central Bank acquired a new position in shares of Elevance Health in the 1st quarter worth approximately $40,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV opened at $351.11 on Friday. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $510.24. The stock has a market capitalization of $79.06 billion, a PE ratio of 14.94, a PEG ratio of 1.25 and a beta of 0.59. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a 50-day simple moving average of $307.98 and a 200-day simple moving average of $361.67.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same period last year, the business earned $10.12 EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. On average, analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, September 10th. Elevance Health’s payout ratio is 29.11%.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, the chief executive officer directly owned 151,020 shares of the company’s stock, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan D. Devore bought 1,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Robert W. Baird dropped their target price on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a report on Friday, July 25th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Elevance Health in a research note on Saturday, September 27th. Leerink Partnrs downgraded Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 17th. Guggenheim lowered their target price on Elevance Health from $447.00 to $360.00 and set a “buy” rating for the company in a report on Friday, July 18th. Finally, Truist Financial dropped their target price on Elevance Health from $500.00 to $440.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Twelve investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $411.06.

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.