AIA Group Ltd Has $2.71 Million Stake in Elevance Health, Inc. (NYSE:ELV)

AIA Group Ltd lifted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 14.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,204 shares of the company’s stock after buying an additional 642 shares during the period. AIA Group Ltd’s holdings in Elevance Health were worth $2,706,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ELV. Ameriprise Financial Inc. boosted its position in Elevance Health by 5.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after acquiring an additional 190,118 shares during the last quarter. Capital International Investors lifted its position in shares of Elevance Health by 3.7% in the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after purchasing an additional 123,802 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Elevance Health by 2.9% in the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after purchasing an additional 64,376 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Elevance Health by 34.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its position in Elevance Health by 15.5% in the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after purchasing an additional 275,708 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ELV shares. Bank of America restated a “neutral” rating and set a $530.00 price objective (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Truist Financial reiterated a “buy” rating and set a $520.00 price objective (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Wells Fargo & Company decreased their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Royal Bank of Canada dropped their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $429.22 on Friday. The company’s 50 day simple moving average is $494.37 and its 200 day simple moving average is $519.32. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health, Inc. has a 1 year low of $397.98 and a 1 year high of $567.26. The stock has a market capitalization of $99.54 billion, a price-to-earnings ratio of 15.65, a price-to-earnings-growth ratio of 1.24 and a beta of 0.85.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. Elevance Health’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the firm posted $8.99 EPS. As a group, research analysts predict that Elevance Health, Inc. will post 32.93 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.52%. Elevance Health’s payout ratio is currently 23.77%.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by insiders.

About Elevance Health

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.